1982 049 Ordinance - Laserfiche WebLink

Home Browse Search

- 2 - Section 2. That said bonds shall be dated approximately June l, 1983; shall bear interest at the estimated rate of fourteen per centum (14%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after the issuance thereof. Section 3. That it is necessary and this Council hereby determines that notes in the aggregate principal amount of $800,000 shall be issued in anticipation of the issuance of said.bonds for the above-described improvement and to retire the outstanding notes referred to above. Section 4. That such anticipatory notes in the amount aforesaid shall be dated July. 1;:1982, shall mature on June 30,, 1983 and shall bear interest at the rate of nine and ninety-five one-hundredths per centum (9.95%) per annum, payable at maturity, and, ia the event of default in the payment of the principal of such notes at maturity, at the rate of thirteen per centum (13%) per annum £rom the said maturity until the principal sum is paid. Said notes shall be issued in such number and denomination as are requested by the purchaser. Section 5. Such notes shall be executed by the Mayor and the Finance Director or the Assistant Finance Director and bear the seal of the corporation. They shall be payable at the main office of AmeriTrust Company, Cleveland, Ohio, without deduction for its services as the Village's paying agent, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the officer in charge of the Bond Retirement Fund, said notes are hereby awarded and sold to AmeriTrust Company, Cleveland, Ohio, for not less than the par value thereof in accordance with the provisions of Section 4 of this ordinance; and the Clerk of Council is hereby authorized and directed to deliver such notes, when exe- cuted, to the purchaser upon payment of such purchase price. The proceeds of such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose for which such notes are being issued under the provisions of this ordinance. Any premium and accrued interest shall be paid into the Bond Retirement Fund to be applied in the payment of principal and interest of said notes in the manner provided by law. The Village hereby covenants that it will restrict the use of the proceeds of the notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for such notes, so that the notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the