|
ORDINANCE N0.2008-30 PAGE 2
<br />with respect to Project No. 1 is $1,390,000, with respect to Project No. 2 is $450,000, and with
<br />respect to Project No. 3 is $1,860,000.
<br />Section 2. The Bonds shall be dated approximately September 1, 2009, shall bear
<br />interest at the now estimated rate of 6% per year, payable on June 1 and December 1 of each year,
<br />commencing December 1, 2009, until the principal amount is paid; $1,390,000 of the Bonds are
<br />estimated to mature in thirteen annual principal installments that are substantially equal, $450,000
<br />of the Bonds are estimated to mature in twenty-four annual principal installments that are
<br />substantially equal, and $1,860,000 of the Bonds are estimated to mature in twenty-five annual
<br />principal installments that are substantially equal. The first principal installment is estimated to be
<br />December 1, 2010.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $3,700,000 (the Notes) shall be issued in anticipation of the issuance of the
<br />Bonds and to retire, together with other funds available to the Village, the Outstanding Note. The
<br />Notes shall bear interest at a rate or rates not to exceed 6% per year (computed on the basis of a
<br />360-day year consisting of twelve 30-day months), payable at maturity and until the principal
<br />amount is paid or payment is provided for. The rate or rates of interest shall be determined by the
<br />Mayor in the certificate awarding the Notes in accordance with Section 6 (the Certificate of Award).
<br />The Notes shall be dated as of their date of issuance, and shall mature one year from that date,
<br />provided that the Mayor may, if it is determined to be necessary or advisable to the sale of the
<br />Notes, establish a maturity date that is up to thirty days less than one year from the date of issuance
<br />by setting forth that maturity date in the Certificate of Award.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of
<br />the United States of America and shall be payable, without deduction for services of the Village's
<br />paying agent, at the principal corporate trust office of The Huntington National Bank, Columbus,
<br />Ohio, or at the office of a bank or trust company requested by the original purchaser of the Notes,
<br />provided that such request shall be approved by the Mayor after determining that the payment at
<br />that bank or trust company will not endanger the funds of the Village and that proper procedures
<br />and safeguards are available for that purpose.
<br />Section 5. The Notes, as required by the Charter of the Village, shall be signed by the
<br />Mayor and the President of Council in the name of the Village and in their official capacities,
<br />provided that all but one of those signatures may be a facsimile. The Notes shall be issued in the
<br />denominations and numbers as requested by the original purchaser and approved by the Mayor,
<br />provided that no Note shall be issued in a denomination less than $100,000. The entire principal
<br />amount may be represented by a single note and may be issued as fully registered securities (for
<br />which the Mayor will serve as note registrar) and in book entry or other uncertificated form in
<br />accordance with Section 9.96 and Chapter 133 of the Revised Code if it is determined by the Mayor
<br />that issuance of fully registered securities in that form will facilitate the sale and delivery of the
<br />Notes. The Notes shall not have coupons attached, shall be numbered as determined by the Mayor
<br />and shall express upon their faces the purpose, in summary terms, for which they are issued and that
<br />they are issued pursuant to this ordinance. As used in this section and this ordinance:
<br />"Book entry form" or "book entry system" means a form or system under which (i) the
<br />ownership of beneficial interests in the Notes and the principal of, and interest on, the Notes may be
<br />transferred only through a book entry, and (ii) a single physical Note certificate is issued by the
<br />
|