32-07 Bonds - Rec Facilities - Laserfiche WebLink

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Debt Service. The Bonds will be payable as to Debt Service fi.om any money of the City lawfiflly available and appropriated for that purpose and; if that money is insufficient, fi:om the proceeds of an ad valorem tax to be levied on all property within the City, abject to the 10-mill limitation imposed by Section 570502, Revised Code. Section 3. Note Terms. The Notes will have the follo~ving terms: (~) Amount. The Notes must be issued in the principal amount of $252,000 or any lesser principal amount as determined by the Director of Finance in the Certificate of Award. 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 determines it to be in the best interests of the City, establish a different maturity date, less than one yea? fr6m the Closing Date. Interest. The Notes must bear interest fi'om their date at a rate not to exceed 8% per annum, payable at matm'ity. Interest will be calculated on the basis ora 360- day year consisting of twelve, 30-day months. The rate of interest on the Notes must be determined by the Director of Finance in the Certificate of Award RedemPtion before Stated Maturity. The Notes will not be subject to redemption before maturity, unless otherwise determined by the Director of Finance in the Certificate of Award. 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 determines in the Certificate of Award that it would not be in the best interest of the City for the Notes to be in Book-EnWy Form They must be issued in Authorized Denominations and in the numbers and amornts as requested by the Underwriter and approved by the Director o f Finance. They must be number6d as determined by the Director of Finance in a manner to distinguish each Note from 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 "Municipal Recreational Facilities Notes, Series 2007," m~!ess otherwise designated in the Certificate of Award Section 4. Payment. The Debt Service on the Notes must be parable in lawful money of the United 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 office of the Registrar Tbe Director of Finance may select anch other paying agea~t as she deems appropriate. Section 5. Si~ning 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~faesflnile. No Note Will be Valid or obligatory 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 authenticating 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 cerLificate 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 behalf of th$ City. The same person need not sign the certificate of authentication on all of the Notes.