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<br />sixty days earlier than one year from the date of issuance. The Notes shall bear interest at a rate not <br />to exceed 5% per year (computed on the basis of a 360-day year consisting of twelve 30-day <br />months), payable at maturity and until the principal amount is paid or payment is provided for. The <br />rate of interest on the Notes shall be determined by the Director of Finance in the Certificate of <br />Award. <br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the <br />United States of America, without deduction for services of the City's paying agent, at the <br />designated corporate trust office of U.S. Bank National Association, Cleveland, Ohio, or at the <br />designated 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 or securities of the City and that <br />proper procedures and safeguards are available for that purpose. <br />Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of <br />the City and in their official capacities, provided that one of those signatures may be a facsimile. <br />The Notes shall be issued in the denominations and numbers as requested by the original purchaser <br />and approved by the Directar of Finance, provided that the entire principal amount may be <br />represented by a single note. The Notes 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, with a single physical note <br />certificate representing the entire issue (or the consolidated issue into which it is combined with one <br />or more other note issues of the City in accordance with Section 6), if it is determined by the <br />Director of Finance that issuance of fully registered securities in that form will facilitate the sale and <br />delivery of the Notes. The Notes shall not have coupons attached, shall be numbered as determined <br />by the Director of Finance and shall express upon their faces the purpose, in summary terms, for <br />which they are issued and that they are issued pursuant to this ordinance. <br />As used in this Section and this ordinance: <br />"Book entry form" ar"book entry system" means a form or system under which (i) the <br />ownership of beneficial interests in the Notes and the principal of, and interest on, the Notes (book <br />entry interests) may be transferred only through a book entry, and (ii) a single physical Note <br />certificate is issued by the City and payable only to a Depository ar its nominee, with such Notes <br />deposited with and retained in the custody of the Depository ar its agent for that purpose. The book <br />entry maintained by others than the City is the record that identifies the owners of book entry <br />interests in the Notes and that principal and interest. <br />"Depository" means any security depository that is a clearing agency under federal law <br />operating and maintaining, with its Participants or otherwise, a book entry system to record <br />ownership of book entry interests in the Notes or the principal of, and interest on, the Notes and to <br />;,ffect transfers of the Notes, in book entry form, and includes and means initially The Deposi+ory <br />Trust Company (a limited purpose trust company), New York, New York. <br />"Participant" means any participant contracting with a Depository under a book entry <br />system and includes security brokers and dealers, banks and trust companies, and clearing <br />corporations. <br />-2- <br />???.?