1994 017 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 94- 17 PAGE 2 Village's paying agent, at the main office of Society National Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the Original Purchaser, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will adequately protect the funds of the Village and that proper procedures and safeguards are available for that purpose (Paying Agent). The Notes shall be dated as of their date of issuance, and shall mature one year from that date, provided that the Director of Finance may, if it is determined to be necessary or advisable to the sale of the Notes, establish a maturity date that is up to seven days less than one year from the date of issuance by setting forth that maturity date in the certificate signed in accordance with Section 6 of this ordinance. If agreed to by the Original Purchaser, the Notes shall be prepayable without penalty or premium at the option of the Village at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal amount of the Notes together with interest accrued thereon to the date of prepayment. The Village's right of prepayment shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address of the Paying Agent, by certified or registered mail to the Original Purchaser not less than seven days prior to the date of that deposit, unless that notice is waived by the Original Purchaser. If money for prepayment is on deposit with the Paying Agent on the specified prepayment date following the giving of that notice (unless the requirement of that notice is waived as stated above), interest on the principal amount prepaid shall cease to accrue on the prepayment date, and, upon the request of the Director of Finance, the Original Purchaser shall arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment and surrender and cancellation. Section 5. The Notes shall be signed by the Mayor and the Director of Finance in the name of the Village and in their official capacities, provided that one of those signatures may be a facsimile. The Notes shall be issued in the denominations and numbers as requested by the Original Purchaser and approved by the Director of Finance, provided that the entire principal amount may be represented by a single note. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary terms, for which they are issued and that they axe issued pursuant to this ordinance. Section 6. The Notes are sold at not less than par to The Fifth Third Bank, Cincinnati, Ohio (the Original Purchaser) in accordance with law and the provisions of this ordinance. The Director of Finance shall, consistently with the provisions of Sections 3 and 4, establish the interest rate after maturity to be borne by the Notes and their maturity, sign the certificate referred to in Sections 3 and 4, 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 Director of Finance, the Law Director, the Clerk of Council and other Village officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consununate the transactions contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in the best interest of the Village, to combine the issue of Notes with one or more other note issues of the Village into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code.