29-07 Bonds - Street Improvements

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insuff~cient, fi:om the proceeds of an ad valorem tax to be levied on all property within the City, subject to the 10-mil1 rnrdtation imposed by Section 5705.02, Revised Code. Section 3. Note Terms. The Notes will have the following terms: (a) Amount. The Notes must be issued in the principal amount of $1,929,000 or any lesser principal amount as determined by the Director of Financ* in the Certificate of Award Co) Date. The Notes must be dated the Closing Date, or any other date~ not more than 31 days before the Closing Date, as determined by the Director of Finance in the Certificate of Award Maturity. The Notes must mature one year fi'om their date. The Director of Finance may, if she deterr~mes it to be hi the best interests of the City, establish a different maturity date, less than one year fi:om the Closing Date. (d) Interest. The Not~ must bear interest ~om their date at a rate not to exceed 8% per a~aum, payable at maturity. Interest will be calculated on the basis ora 360- day year eensisting oftwelve, 30-day months. Therate of interest ontheNotes must be determined by the Director of Finance in the Certificate of Award (e) Redemption before Stated Maturity. The Notes will not. be subject to redemption before maturity, unless othep~vise deterntined by the Director of Finance in the Certificate of Award (0 Form, Numbering and Denomination. The Notes must be issued in fully registered form. They must be issued in Book-Entry Form unless the Director of Finance determ'mes in the Certificate of Award that it would not be in the best interest of the City for the Notes to be in Book-Entry Form. They must be issued in Authorized Denominations and in the numb~s and amounts as requested by the Underwriter and approved by the Director of Finance They must be numbered as determined by the Director o£Finanee in a manner to d/stinguish each Note frmn any other Note They must express on their faces the purpose for which they are issued and that they are issued in accordance with this ordinance. The Notes will be designated "Street Improvement Notes, Series 2007f unless otherwise designated in the Certificate of Award~ Section 4. Payment. The Debt Service on the Notes must be payable in lawful money of the United States of America, without.deduction for the services of t~he Registrar as paying agent. Debt Service on the Notes will be payable when due upon pmsentatiun and surrender of the Notes at the office of the Registrar The Director of Finance may select such other paying agent as she deems appropriate. Section 5. Signing and Authentication of the Notes. The Notes must be signed by the Mayor and the Director of Finance, in the name of the City and in their official capacities. Either of both of those signatures may be a facsimile. No Note will be valid or obilgatory for any purpose or will be entitled to any security or benefit under the Note Proceedings unless and until the certificate of authentication printed on the Bond is signed by the Registrar as anthenticating agent. Authentication by the Registrar will be conclusive evidence that the Note so authenticated has been duly issued, signed, and delivered under, and is entitled to the security and benefit of, the Note Proceedings The certificate of authentication may be signed by any authorized officer or employee of the Registrar or by any other person acting as an agent of the Registrar and approved by the Director of Finance on behaif of the City. The same person need not sign the certificate of authentication on ail of the Notes. Section 6. Registration; Transfer and Exchange; Book-Entrv~ystem. (a) Registrar. So long as any of the Notes remain outstanding~ the City must canse the Registrar to maintain the Register The person in whose name a Note is 2