|
<br />maintained by others than the City is the record that identifies the owners of book entry interests in
<br />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 />effect transfers of the Notes, in book entry form, and includes and means initially The Depository
<br />Trust Company (a limited purpose ttvst company), New York, New York.
<br />"Participant" means any participant contracting with a Depository under a book enhy
<br />system and includes security brokers and dealers, banks and trust companies, and clearing
<br />corporations.
<br />The Notes may be issued to a Depository for use in a book entry system and, if and as
<br />long as a book enhy system is utilized, (i) the Notes may be issued in the form of a single Note
<br />made payable to the Depository or its nominee and deposited and retained in the custody of the
<br />Depository or its agent for that purpose; (ii) the owners of book entry interests shall have no right to
<br />receive the Notes in the form of physical securities or certificates; (iii) ownership of book entry
<br />interests sha11 be shown by book entry on the system maintained and operated by the Depository
<br />and its Participants, and transfers of the ownership of book entry interests sha11 be made only by
<br />book enhy by the Depository and its Participants; and (iv) the Notes as such sha11 not be
<br />transferable or exchangeable, except for transfer to another Depository or to another nominee of a
<br />Depository, without further action by the City.
<br />If any Depository deternunes not to continue to act as a Depository for the Notes for
<br />use in a book entry system, the Director of Finance may attempt to establish a securities
<br />depository/book entry relationship with another qualified Depository. If the Director of Finance
<br />does not or is unable to do so, the Director of Finance, after making provision for notification of the
<br />book entry interest owners by the then Depository and any other arrangements deemed necessary,
<br />shall pertnit withdrawal of the Notes from the Depository, and shall cause the Notes in beazer or
<br />payable form to be signed by the officers authorized to sign the Notes and delivered to the assigns of
<br />the Depository or its nominee, all at the cost and expense (including any costs of printing), if the
<br />event is not the result of City action or inaction, of those persons requesting such issuance.
<br />The Director of Finance is also hereby authorized and directed, to the extent necessary
<br />or required, to enter into any agreements determined necessary in connection with the book entry
<br />system for the Notes, after determining that the signing thereof will not endanger the funds or
<br />securities of the City.
<br />Section 6. The Notes shall be sold by the Director of Finance at private sale to NatCity
<br />Investments, Inc., Cleveland, Ohio (the Original Purchaser), at a purchase price not less than 97% of
<br />par plus accrued interest, in accordance with law and the provisions of this ordinance. In
<br />accordance with her determination of the best interest of the City and her determination of the
<br />amount required for the purpose set forth in Sections 1 and 3, and based on conditions then existing
<br />in the financial markets, the Director of Finance shall sign the Certificate of Award to establish and
<br />specify the aggregate principal amount of the Notes to be issued, the interest rate the Notes are to
<br />-3-
<br />,. , _ ?.,?? ??.,?? e ,,.? r, . , .?. .r,. . , ?????•??. ?.. ?? u.?.,?M ? ,_.?? ?? ..??, u, ? _ .
|