1984 028 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 84- 2$ PAGE TWO • Section 3. That it is necessary to issue and this Council determines that notes in the aggregate principal amount of $87,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at the rate of 6.65% per annum, payable at maturity, and, in the event the Village does not make provision for payment at maturity of the principal of and interest on the Notes, the principal amount of the Notes shall bear interest at the rate of 10% per annum from the maturity date until the Village makes provision to pay that principal amount. Section 4. The principal of and interest on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America, if so requested by the original pur- chaser. The principal of and interest on the Notes shall be payable, without deduction for services of the Village's paying agent, at the main office of AmeriTrust Company, National Association, Cleveland, Ohio. The Notes shall be dated May 7, 1984, and shall mature May 7, 1985. If agreed to by the original purchaser, the Notes shall be prepayable .without, penalty or premium at the option of the Village at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the paying agent referred to in Section 4 of this ordinance of the principal amount of the Notes together with interest accrued thereon to the date of prepayment. The Village's right of prepayment shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address • of the paying agent, by certified or registered mail to the original purchaser of the Notes not less than seven days prior to the date of that deposit, un- less that notice is waived by the original purchaser of the Notes. If moneys for prepayment are on deposit with the paying agent on the specified prepay- ment date following the giving of that notice (unless the requirement of that notice is waived as stated above), interest on the principal amount prepaid shall cease to accrue on the prepayment date, and upon the request of the Finance Director the original purchaser of the Notes shall arrange for the delivery of the Notes at the designated office of the paying agent for prepay- ment and surrender and cancellation. Section 5. The Notes shall be signed in the name of the Village and in their official capacities by the Mayor and the Finance Director, provided that one of those signatures may be a facsimile, and bear the corporate seal of the Village or a facsimile of that seal; shall be issued in the numbers and denominations as may be requested by the original purchaser and approved by the Finance Director, provided that the entire principal amount may be repre- sented by a single note; shall not have coupons attached; shall be numbered as determined by the Finance Director; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. ~~.