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<br />ORDINANCE NO. 2009- PAGE 2
<br />necessary appurtenances thereto, and otherwise improving that system (Project No. 2), and
<br />conserving, preserving and enhancing the availability of open spaces in the Village by acquiririg
<br />land or interests therein (Project No. 3). The portion thereof with respect to Project No. 1 is
<br />$1,305,000, with respect to Project No. 2 is $435,000, and with respect to Project No. 3 is
<br />$1,860,000.
<br />Section 2. The Bonds sha11 be dated approximately September 1, 2010, 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, 2010, until the principal amount is paid; $1,305,000 of the Bonds aze
<br />estimated to mature in 12 annual principal installments that aze substantially equal, $435,000 of
<br />the Bonds are estimated to mature in 23 annual principal installments that aze substantially equal,
<br />and $1,860,000 of the Bonds are estimated to mature in 30 annual principal installments that are
<br />substantially equal. The first principal installment is estimated to be Dec.ember 1, 2011.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $3,600,000 (the Notes) shall be. issued in anticipation of the
<br />issuance of the Bonds and to retire, together with other funds available to the Village, the
<br />Outstanding Note. The Notes shall bear interest at a rate or rates not to exceed 6% per yeaz
<br />(computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity
<br />and until the principal amount is paid or payment is provided for. The rate or rates of interest shall
<br />be determined by the Director of Finance in the certificate awarding the Notes in accordance with
<br />Section 6(the Certificate of Awazd). The Notes shall be dated as of their date of issuance, and
<br />shall mature one year from that date, provided that the Director of Finance may, if it is determined
<br />to be necessary or advisable to the sale of the Notes, establish a maturity date that is up to thirty
<br />days less than one yeaz from the date of issuance by setting forth that maturity date in the
<br />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 Director of Finance after determining that the
<br />payment at that bank or trust company will not endanger the funds of the Village and that proper
<br />procedures and safeguards are available for that purpose, or at the office of the Director of Finance
<br />if agreed to by the Director of Finance and the original purchaser.
<br />Section 5. The Notes shall be signed by the Mayor, the President of Council and the
<br />Director of Finance in the name of tlie Village and in their official capacities, provided that all but
<br />one of those signatures may be a facsimile. The Notes shall be issued in the denominations and
<br />numbers as requested by the original purchaser and approved by the Director of Finance, provided
<br />that no Note shall be issued in a denomination less than $100,000. The entire principal amount
<br />may be represented by a single note and may be issued as fully registered securities (for which the
<br />Director of Finance 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
<br />Director of Finance that issuance of fully registered securities in that form will facilitate the sale
<br />and delivery of the Notes. The Notes sha11 not have coupons attached, shall be numbered as
<br />determined by the Director of Finance and shall express upon their faces the purpose, in summary
<br />, terms, for which they are issued and that they are issued pursuant to this ordinance. As used in
<br />` this section and this ordinance:
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