2004-024 Ordinance - Laserfiche WebLink

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? estimated to mature in ten annual principal installments that are substantially equal. The first principal installment on the Bonds is estimated to be payable on December l, 2006, and the first interest installment is estimated to be payable on December 1, 2005. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $1,165,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this ardinance (the Certificate of Award) a maturity date far the Notes that is up to ninety days earlier than one year from the date of issuance. The Notes shall bear interest at a rate not to exceed 4% 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 of interest on the Notes shall be determined by the Director of Finance 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, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio. Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of the City 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 no Note shall be issued in a denomination less than $100,000 or be exchangeable for other Notes in denominations less than $100,000, and provided further that the entire principal amount may be represented by a single note. The Notes may be issued as fully registered securities (for which 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, with a single physical note certificate representing the entire issue (or the consolidated issue into which it is combined with one or more other note issues of the City in accordance with Section 6), 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 summary 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 (book entry interests) may be transferred only through a book entry, and (ii) a single physical Note certificate is issued by the City and payable only to a Depository or its nominee, with such Notes deposited with and retained in the custody of the Depository or its agent for that purpose. The book entry maintained by others than the City is the record that identifies the owners of book entry interests in the Notes and that principal and interest. -2-