1980 055 Ordinance - Laserfiche WebLink

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Section 3. That it is necessary and the Council determines that notes (the "Notes") in the aggregate principal amount of Forty Thousand Dollars ($40,000.00) shall be issued in anticipation of the issuance of a like principal amount of the Bonds for the purpose afore- said. The Notes shall be executed by the Mayor and the Director of Finance; shall bear the seal of the Village; shall be delivered at such time or times as may be found by the Director of Finance to be necessary to meet obligations incurred by the Council in making the improvements referred to in Section 1, hereof; shall be issued in such numbers and denominations as may be determined by the Director of Finance; shall bear interest at a rate not exceeding ten and five-tenths per centum (10.5%) per annum, payable at maturity, with provision, if requested by the purchaser or purchasers thereof at the time of purchase, that, in the event of default, the same shall bear interest at a different rate, not exceeding ten and five-tenths per centum (10.5°,~) per annum, such rate or rates to maturity and thereafter to be fixed by the Director of Finance in his certificate awarding the Notes at private or public sale; shall be dated the date of respective issuance; shall mature not more than one (1) year from the date of issuance of the first Note issued hereunder, such maturity to be fixed by the Director of Finance in his certificate awarding the Notes at private or public sale; shall be. redeemable at the option of the Village prior to maturity at par plus accrued interest to the date of redemption; shall be designated "Beta Drive Special Assessment Notes"; shall express upon the face thereof the purpose for which they are issued and that they are issued pursuant to this Ordinance; and shall be payable as to both principal and interest at the office of the Director of Finance, PSayfield Village, Ohio. -3-