37-09 Repeal Ordinance 26-09 - Laserfiche WebLink

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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: (aJ Amount and Rate. The Bonds will be issued in the maximum principal amount of $920,000 and will bear interest at the estimated average annual interest rate of 5%. (b) Term. The Bonds will mature serially over a period of 15 years in accordance with the following estimated principal payment schedule: Year Princinal Year Princinal 1 $61,000 9 $61,000 2 61,000 10 61,000 3 61,000 11 62,000 4 61,000 12 62,000 5 61,000 13 62,000 6 61,000 14 62,000 7 61,000 15 62,000 8 61,000 (c) Debt Service. The Bonds will be payable as to Debt Service from any money lawfully available and appropriated for that purpose and, 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 $920,000 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. (c) Maturity. The Notes must mature one year from 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 year from the Closing Date. (d) Interest. The Notes must bear interest from their date at a rate not to exceed 9% 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 -2-