33-04 Issue Various Purpose Gen Obligation Bon $4,035,000

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," , Section 3. It is hereby detennined that notes (hereinafter called the "Notes") in the aggregate principal amount of $4,035,000 sball be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of six per centum (6%) per annum, as may be fixed by the Fiscal Officer in his certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that. in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate often per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between nine months and one year from such date, as detennined by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Fiscal Òfficer of the City, or at banks or trust companies, as detennined by the Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance. Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series 2004"; such notes shall contain a SÙIDmary statement of purposes encompassing the purpose for which the Notes are issued; shall state that they are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of such signatures may be a facsimile signature. The Notes. pursuant to the tenns set forth below, may also be issued to a Depository (as hereinafter defined) for use in a book-entry system (as hereinafter defined). The Director of Finance is hereby authorized and directed, to the extent necessary or required, to enter into any agreements determined necessary in connection with the authentication. ~obilization, and transfer of Notes, including arrangements for the payment of principal and interest by wire transfer, after detennining that the execution thereof will not endanger the funds or securities of the City, which detennination shall be conclusively evidenced by the signing of any such agreement. If and as long as a book-entry system is utilized, (i) the Notes shall be issued in the fonn of one note in the name of the Depository or its nominee, as owner. and immobilized in the custody of the Depository; (ii) the beneficial owners in book-entry fonn shall have no right to receive Notes in the form of physical securities or certificates; (ili)ownership of beneficial interests in book-entry fonn shall be shown by a book entry on the system maintained and operated by the Depository and its Participants (as hereinafter defined), and transfers of the ownership of beneficial interests shall be made only by book éntry by the Depository and its Participants; and (iv) the Notes as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the Council of the City. If any Depository detennines not to continue to act as a Depository for the Notes for use in a book-entry system, the Director of Finance may attempt to have established a securities depository/book-entry relationshîp with another qualified Depository. If the Director of Finance does not or is unable to do so, the Director of Finance, after making provision for notification of the beneficial owners by the then Depository and any other arrangements she deems necessary, shall permit-withdrawal of the Notes from the Depository, and authenticate and deliver Note certificates in bearer or registered fonn, as she determines. to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of printing), if the event is not the result of Council action or inaction, of those persons requesting such issuance. As used in tlùs Section and this ordinance: "Book-entry fmID" or "book-entry system" means a form or system under which (i) the beneficial right to principal and interest may be transferred only through a book entry and (ii) physical notes are issued only to a Depository or its nominee as ow1'1er, with the Notes "immobilized" to the custody of the Depository, and the book entry is the record that identifies the owners of beneficial interests in that principal and interest. {KLF2558.DOC;I} 2