1990 035 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 90- 3,5 PAGE TWO Section 3. It is necessary to issue and this Council determines that motes in the aggregate principal amount of $400,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to refund, together with other funds appropriated for that purpose, the notes dated October 24, 1989. The Notes shall bear interest at 'a rate or rates not to exceed 8% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the Village does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10-1/2% per year from the maturity date until the Village pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America, if so requested by the original purchaser, and shall be payable, without deduction for services of the Village's paying agent, at the main .off ice of Ameritrust Company National Association, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the original purchaser of the Notes, 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 tktat 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 not earlier than six months from that date and not later than one year from that date, as shall likewise be fixed by the Director of Finance in the certificate awarding the Notes. 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 of the Notes not less than seven days prior to the date of that deposit, unless that notice is waived by the original purchaser of the Notes. 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 of the Notes shall arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment and surrender and cancellation.