2002-055 Ordinance - Laserfiche WebLink

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amouxrt of the Notes to be issued, being the amowrt she estimates to be necessary to pay costs of the improvemems described in Section 1, and (ii) the rate of interest on the Notes Section 4. The debt chazges on the Notes shall be payable in Federal Reserve funds of the United States of America, without dedudion 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. Subject to the provisions of this Section and Section 6 of this ordinance, the Notes sha11 be issued in the denominations and numbers as requested by the original purchaser and approved by the Director of Finance, provided that the ernire principal amourn 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 ofthe Revised Code, with a single physical note ceitific,ate representing the eirtire issue (or the consofidated issue irno which it is combined with one or more other note issues af 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 facilita.te the sale and delivery of the Notes. The Notes shall not have coupons xltached, sha11 be numbered as determined by the Director of Finance and sha11 express upon their faces the purpose, in summary terms, for which they are issued and that they aze issued pursuam 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 imerests in the Notes and the principal of, and interest on, the Notes (book entry irnerests) may be transferred only through a book ernry, 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 agern for that purpose. The baok entry maurtained by others than the City is the record that idernifies the owners of book entry irnerests in the Notes and that principal and iirterest. "Depository" means any security depository that is a clearing agency under federal law operating and maiYrtaining, with its Pazticipazrts or otherwise, a book entry system to record ownership of book entry interests in the Notes or the principal ot and irrterest on, the Notes and to effect transfers of the Notes, in boak ecrtry form, and includes and means initially The Depository Tnist Company (a limited purpose trust company), New York, New York. "Participant" means any participant +coritracting with a Depository under a book entry system and includes secwity brokers and dealers, banks and trust companies, and clearing corporations. The Notes may be issued to a Depository for use in a book entry system and, if and as long as a book entry system is utilized, (i) the Notes may be issued in the form of a single Note made payable to the Depository or its nominee and deposited with and retained in the custody of the Depository or its agent for that purpose; (ii) the owners of book entry interests shall have no right to -2- _