|
any agreements determined necessary in connection with the authentication, mobilization, and
<br />transfer of Notes, including arrangements for the payment of principal and interest by wire
<br />transfer, after determining that the execution thereof will not endanger the funds or securities of
<br />the City, which determination shall be conclusively evidenced by the signing of any such
<br />agreement.
<br />
<br /> If and as long as a book-entry system is utilized, (i) the Notes shall be issued in
<br />the form of one note in the name of the Depository or its nominee, as owner, and immobilized in
<br />the custody of the Depository; (ii) the beneficial oWners in book-entry form shall have no right to
<br />receive Notes in the form of physical securities or certificates; (iii) ownership of beneficial
<br />interests in book-entry form shall be shown by a book entry on the system maintained and
<br />operated by the Depository and its Participants (as hereinafter defined), and transfers of the
<br />ownership of beneficial interests shall be made only by book entry by the Depository and its
<br />Participants; and (iv) the Notes as such shall not be transferable or exchangeable, except for
<br />transfer to another Depository or to another noniinee ora Deposit6ry, without further action by
<br />the Council of the City.
<br />
<br /> If any Depository determines not to continue to act as a Depository for the Notes
<br />for use in a. book-entry system, the Fiscal Officer may attempt to have established a securities
<br />depository/book-entry relationship with another qualified Depository. Iftbe Fiscal Officer does
<br />not or is unable to do so, the Fiscal Officer,' after making provision for notification of the
<br />beneficial oWners by the then Depository and any other arrangements he deems necessary, shall
<br />permit withdrawal of the Notes t~om the. Depository, and authenticate and deliver Note
<br />certificates in bearer or registered form, as he determines, to the assigns of the Depository or its
<br />nominee, all at the cost and expense (including any costs of printing), if the event is not the result
<br />of Council action or inaction, of those persons requesting such issuance.
<br />
<br />· As used in this. Section and this ordinance:
<br />
<br /> 'Book-entry fortrl' or 'ix)ok-entry systeni' means a form or system under which
<br />(i) the beneficial right to principal.and interest may be transferred only through a book entry and
<br />(ii) physical notes are issued only to a Depository or its nominee as oWner, with the Notes
<br />'immobilized'to the custody of the Depository, and the book entry is the record that identifies the
<br />oWners of beneficial interests in that principal and interest.
<br />
<br /> 'Depositorf'means any securities depository that is a clearing agency under federal
<br />law operating and maintaining a book-entry system to record beneficial ownership oftbe right to
<br />principal and interest, and to effect transfers of notes, in book-entry form, and includes and
<br />means initially The Depository Trust Company (a limited purpose trust company), New York,
<br />New York.
<br />
<br /> 'Participant' means any participant contracting with a Depository under a book-
<br />entry system and includes security brokers and dealers, banks and trust companies, and clearing
<br />corporations.
<br />
<br /> Section 5. The Notes shall be sold at not less than the par value thereof by the
<br />Fiscal Officer at private sale in a manner determined by the Fiscal Officer to be in the best
<br />interest and welfare of the City and at an interest rate not exceeding that specified in Section 3 of
<br />this ordinance. The Director of Law shall obtain the services of qualified Bond Counsel, and his
<br />selection of Calfee, Halter & Griswold LLP, Bond Attorneys, Cleveland, Ohio, as Bond Counsel
<br />for the Notes is hereby conf~rmed, approved and ratified.' The Fiscal Officer is authorized, if she
<br />determines it to be in the best interest of the City, to retain the services ora qualified financial
<br />advisor in connection with the issuance of the Notes. The Fiscal Officer shall cause the Notes to
<br />be prepared, and have the Notes signed and delivered, together with a tree transcript of
<br />proceedings with reference to the issuance of the Notes, to the original purchaser thereof upon
<br />payment of the purchase price. The proceeds from the sale of said Notes, except the accrued
<br />interest thereon, shall be paid into the proper fund and used for the purpose for which the Notes
<br />are being issued under the provisions of this ordinance. The proceeds oftbe Notes also may be
<br />used to pay, and are hereby appropriated to pay, those certain costs of issuance set forth in
<br />Section 133.15(B), Ohio Revised Code; any such costs also may be paid out of any other
<br />lawfully available moneys 0fthe City, which monies are hereby appropriated to such purpose;
<br />any such costs may be paid ~om the same sources l~om which the principal of and interest on the
<br />
<br />{KLFZ039;1} 2
<br />
<br />
<br />
|