40-12 Issuance and and Sale of Notes

Home Browse Search

which principal is payable are substarrtially equal. The first principal payment of the Bonds is estimated to be December 1, 2014. Section 3. It is necessary to issue and this Council determines that notes in the principal amount of $1,948,000 (the "Notes") shall be issued in anticipation of the issuance of the Bonds, to retire, together with other moneys available to the City, the Outstanding Note and to pay the financing costs of the issuance of the Notes. The Notes shall be dated the date of their issuance and shall mature on April 17, 2013. The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in a final terms certificate (the "Final Tenns Certificate"). Section 4. The principal of and interest on the Notes shall be payable in lawful money of the United States of America and shall be payable, without deduction for services of the City's paying agent, at the principal corporate trust office of The Huntington National Bank located in Columbus Ohio (the "Paying Agent"). Section 5. The Notes shall be signed by the Mayor and the Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile. The Notes shall be issued in the denominations and numbers as requested by KeyBanc Capital Markets Inc. (the "Original Purchaser") and approved by the Director of Finance. The entire principal amount may be represented by a single note, may be issued as fully registered securities (for which the Director of Finance will serve as note registrar), and may be issued in book entry or other uncertificated form in accordance with Section 9.96 and Chapter 133 of the Revised Code if requested by the Original Purchaser and it is determined by the Director of Finance that issuance of fully registered securities or in book-entry or other uncertificated form will facilitate the sale and delivery of the Notes. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, hi surnrnary ternrs, for which they are issued and that they are issued pursuant to this Ordinance. The Notes may be issued to any securities depository (a "Depository") that is a clearing agency under federal law operating and maintaining, with any participants contracting with a Depository under a book enhy system and includes security brokers and dealers, banks and trust companies, and clearing corporations or otherwise ("Participants"), a system (a book entry system) under which (a) the ownership of beneficial interests in the Notes and the principal of, and interest on, the Notes may be transferred only through a book entry, and (b) a single physical Note certificate is issued by the City and payable only to a Depository or its nominee, with such Notes "immobilized" in the custody of the Depository or its agent for that purpose. If and as long as a book entry system is utilized, (a) the Notes may be issued in the form of a single Note made payable to the Depository or its nominee and immobilized in the custody of the Depository or its agent for that purpose; (b) the beneficial owners in book entry form shall have no right to receive the Notes in the form of physical securities or certificates; (c) ownership of beneficial interests in book enhy form shall be shown by book enhy on the system maintained and operated by the Depository and its Participants, and transfers of the ownership of beneficial interests shall be made only by book enhy by the Depository and its Participants; and (d) the Notes as such shall not be