Laserfiche WebLink
for the purpose aforesaid. The Bonds shall be designated "Service <br />Building Bonds, Second Series"; shall be of the denomination of Five <br />Thousand Dollars ($5,000.00) each or any multiple thereof; shall be <br />dated approximately July 1, 1982; shall bear interest at a rate now <br />estimated to be ten and one-half per centum (10.5%) per annum, payable <br />semiannually until the principal amount is paid; and shall be drawn to <br />mature. in twenty-five (25} substantially equal annual installments after <br />the issuance thereof. <br />Section 3. That it is necessary and the Council determines <br />that notes (the "Notes") in the aggregate principal amount of Two Hundred <br />Thirty Thousand Dollars ($230.,000.00) shall be issued in anticipation of <br />the issuance of a like principal amount of the Bonds for the purpose <br />aforesaid and to pay and retire the 1980 Note. The Notes shall be <br />executed by the Mayor and the Director of Finance; shall bear the seal <br />of the Village; shall be delivered at such time or times as may be found <br />by the Director of Finance to be necessary to meet obligations incurred <br />by the Council in acquiring and making the improvements referred to in <br />Section 1, hereof; shall be issued in such numbers and denominations as <br />may be determined by the Director of Finance; shall bear interest at a <br />rate not exceeding the maximum legal rate then payable by the Village <br />under the laws of the State of Ohio, payable at maturity, with provi- <br />sion, if requested by the purchaser or purchasers thereof at the time of <br />purchase, that, in the event of default, the same shall bear interest <br />at a different rate, not exceeding the maximum legal rate then payable <br />by the Village under the laws of the State of Ohio, such rate or rates <br />to maturity and thereafter to be fixed by the Director of Finance <br />-3- <br />