2008 029 Ordinance - Laserfiche WebLink

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ORDINANCE N0.2008-29 PAGE 3 transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the Village. If any Depository determines not to continue to act as a Depository for the Notes for use in a book entry system, the Mayor may attempt to establish a securities depository/book entry relationship with another qualified Depository. If the Mayor does not or is unable to do so, the Mayor, after making provision for notification of the beneficial owners by the then Depository and any other arrangements deemed necessary, shall permit withdrawal of the Notes from the Depository, and shall cause the Notes in bearer or payable to order form to be signed by the officers authorized to sign the Notes and delivered to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of printing), if the event is not the result of Village action or inaction, of those persons requesting such issuance. The Mayor is also hereby authorized and directed, to the extent necessary or required, to enter into any agreements determined necessary in connection with the book entry system for the Notes, after determining that the signing thereof will not endanger the funds or securities of the Village. Section 6. The Notes shall be sold at not less than par at private sale by the Mayor in accordance with law and the provisions of this ordinance. The Mayor shall, in accordance with that officer's determination of the best interests of and fmancial advantages to the Village and its taxpayers and based on conditions then existing in the financial markets, consistently with the provisions of Sections 1 and 3, establish the aggregate principal amount of the Bonds and the Notes, establish the interest rate to be borne by the Notes and make such other determinations with respect thereto as provided herein, sign the Certificate of Award referred to in Sections 1 and 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase price. The Mayor, the Clerk of Council, the President of Council, the Law Director and other Village officials, as appropriate, are each authorized and directed to sign any transcript certificates, fmancial statements and other documents and instruments and to take such actions as are necessary or appropriate to conslunmate the transactions contemplated by this ordinance. In furtherance thereof and since the Director of Finance is on administrative leave and the Mayor under the Charter of the Village is the chief executive officer and official and ceremonial head of the Village charged with the supervision of the administration of the Village's affairs, this Council hereby directs the Mayor to take any actions necessary in connection therewith, including the signing and delivery of any documents, certificates, financial statements or other instruments that in prior note and bond issuances of this Village have been signed and delivered by the Director of Finance; any actions heretofore taken in connection therewith are hereby approved, ratified and confirmed in all respects. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund.