31-07 Issue/Sale of notes to pay Sidewalk Program

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fi'mn the proceeds of an ad valorem tax to be levied on ail property witlfin the City, subject to the 10-mill lim/talion 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 $201,000 or any lesser principal amount as determhted by the Director of Finance 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. (c) Maturity. The Notes must matm'e one year fi-om their date. The Director of Finance may, if she determines it to be in the best interests offue City, establish a, different maturity date, less than one year fi.om the Closing Date: (d) Interest. The Notes must bear interest fi.om their date at a rate not to exceed 8% per annum, payable at maturity, interest will be calculated on the basis of a 360-day year consisting of twelve, 30-day months. The rate of interest un the Notes must be determined by the Director of Finance in fue Certificate of Award. (e) Redemption before Stated Maturity, The Notes will not be subject to redemption before maturity, unless otherwise determined by the Dkectur of Finance in the Certificate of Award. Form. Numbering and Denontination. The Notes must be issued in fully registered form They must be issued in Book-Entry Form mrless the Director of Finance determines m the Certificate of Award that it would nor be'in the best nnerest of the City for the Notes to be in Book-Entry Form. They must be issued in Authorized Denominations end in the numbers and amounts as requested by the Underwriter and approved by the Directur of Finance They must be numbered as determined by the Director of Finence in a manner to distinguish each Note fi.om 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 "Sidewalk Program Notes, Series 2007," ux~ess otherwise designated in the Certificate of Award. Section 4. Paymanr. The Debt Service on the Notes must be payable in lawful money of the Un/ted States of America, without deduction for the services of the Registrar as paying agent. Debt Service on the Notes will be payable when due upon presentation and surrender of the Notes at the offide of the Registrar. The Director of Finance may select such other paying agent as she deems appropriate Section 5. Sionlng and Authentication of the Notes. The Notes must be signed by the Mayor and the Director of Finance_ in the nmue of the City and in their official capacities Either of both of those signatures may be a facsimile No Note wilI be valid or obligatory for any purpose or will be entitled to any security or benefit unde~r the Note Proceedings unless and until the certificate of authentication printed on the Bond is signed by fue Registrar as authenticating agent Authenticafion 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 Dkector of Finance on behalf of the City The same persun need not sign the certificate of authentication un all of the Notes. Section 6. Registration; Transfer and Exchange; Book-Entry System. (~) Registrar. So long as any of the Notes remain outstanding, the City must cause the Registrar to maintain the Register. The person in whose name a Note is registered un the Register will be regarded as the absolute owner of that Note for