36-09 Repeal Ord 21-09 - Laserfiche WebLink

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(g) All formal actions of this Council relating to the enactment of this ordinance were taken in an open meeting of this Council,. and all deliberations of this Council and of any of its committees that resulted in those formal actions, were in meetings open to the public, in compliance with all legal requirements, including Section 121.22, Ohio Revised Code. Section 2. Bond Terms. The Bonds will have the following terms: (a) Amount and Rate. The Bonds will be issued in the maximum principal amount of $4;321,000 and will bear interest at the estimated average annual interest rate of 5%. (b) Term. The Bonds will mature serially over a period of 19 years in accordance with the following estimated principal payment schedule: Year Principal Year Principal 1 $227,000 11 $227,000 2 227,000 12 228,000 3 227,000 13 228,000 4 227,000 14 228,000 5 227,000 15 228,000 6 227,000 16 228,000 7 227,000 17 228,000 8 227,000 18 228,000 9 227,000 19 228,000 10 227,000 (c) Debt Service. The Bonds will be payable as to Debt Service (1) as to the portion of the Bonds issued to pay costs of the Sidewalk Project, from special assessments levied to pay the costs of the Sidewalk Project, (2) as to all Bonds, from (A) any money lawfully available and appropriated for that purpose and, (B) if that money is insufficient, from the proceeds of an ad valorem tax to be levied on all property within the City, subject to the 10-mill limitation 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 maximum principal amount of $4,321,000 or any lesser principal amount as determined by the Director of Finance in the Certificate of Award. (b) 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. 2