2006 028 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006- 28 PAGE 2 commencing December 1, 2007, until the principal amount is paid; $2,100,000 of the Bonds are estimated to mature in fifteen annual principal installments that are substantially equal and $900,000 of the Bonds are estimated to mature in twenty-five annual principal_installments that are substantially equal. The first principal installment is estimated to be December 1, 2008. Section 3. It is necessary to issue and this Council deterniines that notes in the aggregate principal amount of $3,000,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the Village, the Outstanding Note. The Notes shall bear interest at a rate or rates not to exceed 6% per year (computed on.the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate or rates of interest shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6(the Certificate of Award). 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 of Award. Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the United States of America and shall be payable, without deduction for services of the Village's paying agent, at the principal office of a bank or trust company designated 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, or at the office of the Director of Finance if agreed to by the Director of Finance and the onginal purchaser. Section 5. The Notes shall be signed by the Mayor, the President of Council and the Director of Finance in the name of the Village and in their official capacities, provided that all but one of those signatures may be a facsimile. The Notes shall be issued in the denomiriations and numbers as requested by the original purchaser and approved by the Director of Finance, provided that no Note shall be issued in a denomination less than $100,000. The entire principal amount may be represented by a single note and may be issued as fully registered securities (for wliich the Director of Finance will serve as note registrar) and in book entry or other uncertificated form in accordance with Section 9.96 and Chapter 133 of the Revised Code if it is determined by the Director of Finance that issuance of fully registered securities in that form will facilitate the sale and delivery of the Notes. 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 stunmary terms, for which they are issued and that they are issued pursuant to this ordinance. As used in this section and this ordinance: • `Book entry form" or "book entry system" means a form or system under which (i) the ownership of beneficial interests in the Notes and the principal of, and interest on, the Notes may be transferred only through a book entry, and (ii) a single physical Note certificate is issued by the Village and payable only to a Depository or its nominee, with such Notes "immobilized" in the custody of the Depository or its agent for that purpose. The book entry maintained by others than the Village is the record that identifies the owners of beneficial interests in the Notes and that principal and inferest.