2002-054 Ordinance - Laserfiche WebLink

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Nandina Drive, Newton Circle, Oring Drive, Park Place, Pine Circle, Sudbury Drive, Sweetbriar Drive, Timber Cove Lane, Waterbury Circle, Westview Drive, Wirrton Park Drive and Wisteria Drive by replacing sections of pavemern, where necessary; and (iv) improving the intersection of Dover Cerner Road, Driscoll Lane and Cottonwood Trail by installing traffic signs and a signalization system; in each case together with the necessary appurtenances and work incidernal thereto. Section 2. The Bonds shall be dated approximately May 1, 2003, shall bear interest at the now estimated rate of 5% per year, payable semiannually wrtil the principal amourn is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installmern on the Bonds is estimated to be payable on December 1, 2004, and the first interest installment is estimated to be payable on December 1, 2003. Section 3. It is necessary to issue and this Cauncil determines that notes in a maximum aggregate principal amount of $1,375,000 (the Notes) shall be issued in airticipation 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; pravided that the Director of Finance may, if she determines it to be neeessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accardance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to ninety days earlier than one year from the date of issuance. The Notes shall bear nrterest at a rate not to exceed 41/20/o per year (computed on the basis of a 360-day year consisting of twelve 30-day momhs), payable at maturity and umil the principal amourn is paid or paymeirt is provided for. Subject to the limit.ations set forth in Section 1 and this Section 3, the Director of Finance shall determine in the Certificate of Award both (i) the aggregate principal amourn of the Notes to be issued, being the amount she estimates to be necessary, together with other funds available to the City, to pay costs of the improvemerns described in Section l, and (ii) the rate of interest on the Notes. Sectian 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 agern, 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. Subject to the provisions of this Section and Section 6 of this ordinance, the Notes shall be issued in the denominations and numhers as requested by the original purchaser and approved by the Director of Finance, provided that the errtire principal amount rnay be represented by a single note. The Notes may be issued as fully registered securities (for which tYre Direetor of Finance will serve as note registrar) and in book emry or other uncertificated form in accordance with Section 9.96 and Chapter 133 ofthe Revised Code, with a single physical note certificate representing the entire issue (or the cansolidated issue irrto which it is combined with one or rnore 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 axtached, shall be numbered as determined by the Director of Finance and shall eacpress upon theu- faces the purpose, in summary terms, for which they are issued and that they are issued pwsuant to this ordinance. -2- x,