2000-158 Ordinance - Laserfiche WebLink

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Section 2. The Bonds sha11 be dated approximately June 1, 2001, shall bear interest at the now estimated rate of 53/a% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are in such amounts that the total principal and interest payments on the Bonds in each fiscal year in which principal is payable are substantially equal. The first principal installment is estimated to be payable on December l, 2002. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $2,750,000 (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 on June 14, 2001; 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 ordinance (the Certificate of Awa.rd) a maturity date for the Notes that is up to 60 days prior to or up to 60 days later than June 14, 2001. The Notes sha11 bear interest at a rate not to exceed 5'h% 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 chazges 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 ofNational 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, or exchangeable for other Notes, in a denomination less than $100,000; and provided further 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, 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- w?????????-????????:??