1985 003 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE NOm 85-3 PAGE TWO The Bonds shall bear interest at the rate of 10% per annum, payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December 1, 1985, until the principal amount has been paid or provided for. However, if the Bonds are sold bearing a different rate of interest than stated above, the Bonds shall bear that rate of interest as specified in the ordinance of Council approving the award of the Bonds. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from April 1, 1985. The Bonds shall mature as follows: $9,000 on December 1 of each of the years from 1986 through 1988, and $8,000 on December 1 of each of the years from 1989 through 1995, which maturities are determined to be in sub- stantially equal annual installments. The Bonds shall express on their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 3. The Bonds shall be signed by the Mayor and the Finance Director in their official capacities, provided that either or both of those signatures may be a facsimile, and shall bear the corporate seal of the Village or a facsimile of that seal. No Bond shall be valid or obligatory for any purpose or shall be entitled to any security or benefit under this ordi- nance unless and until the certificate of authentication printed on the Bond is signed by the Bond Registrar (as defined in Section 4 below) as authenti- cating agent. Authentication by the Bond Registrar shall be conclusive evi- dence that the Bond so authenticated has been duly issued, signed and deliv- ered under this ordinance and is entitled to the security and benefit of this ordinance. The certificate of authentication may be signed by any authorized officer or employee of the Bond Registrar or by any other person acting as an agent of the Bond Registrar and approved by the Finance Director on behalf of the Village. The same person need not sign the certificate of authentication on all of the Bonds. Section 4. AmeriTrust Company National Association, Cleveland, Ohio, is appointed to act as the authenticating agent, bond registrar, transfer agent and paying agent (collectively, the Bond Registrar) for the Bonds; pro- vided, if the Bonds are purchased by one of the Village's funds, the Finance Director is authorized and directed to act as Bond Registrar, but without the agreement hereinafter referred to. The Finance Director shall sign and deliver, in the name and on behalf of the Village, the Bond Registrar Agree- ment between the Village and the Bond Registrar (the Agreement) in substan- tially the same form as is now on file with the Clerk of Council. The Agree- ment is approved, together with any changes or amendments that are not incon- sistent with this ordinance and not substantially adverse to the Village and that are approved by the Finance Director on behalf of the Village, all of which shall be conclusively evidenced by the signing of the Agreement or amendments to the Agreement. The Finance Director shall provide for the pay- ment of the services rendered and for reimbursement of expenses incurred pur- suant to the Agreement from the proceeds of the Bonds to the extent available and then from other funds lawfully available and appropriated or to be appro- priated for that purpose.