99-089 Ordinance - Laserfiche WebLink

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z,?? Section 2. The Bonds shall be dated approximately September 1, 2000, shall beaz interest at the now estimated rate of 5'/Z% per yeaz, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal instaliments that are substantially equal. The fust principal installment is estimated to be payable on December 1, 2001. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate principal amount of $500,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Notes. The Notes sha11 be dated the date of their issuance, and shall mature one year from the date of issuance; 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 a different maturity date that is up to seven days less than one yeaz from the date of issuance by setting forth that maturity date in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Awazd). The Notes shall beaz interest at a rate not to exceed 5'/z% 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. Subject to the limitations set forth herein, the aggregate principal amount of the Notes issued and the rate of interest on the Notes shall be determined by the Director of Finance in the Certificate of Award. Section 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 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 of?'icial capacities, provided that one of those signatures may be a facsimile. Subject to the provisions of Section 6 of this ordinance, the Notes shall be issued in the denominations and nutnbers as requested by the original purchaser and approved by the Director of Finance, provided that 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 (or the consolidated issue into which it is combined with one or more 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. T'he Notes sha11 not have coupons attached, shall be numbered as deternuned 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 and retained in the custody of the Depository or its agent for that purpose. The book entry -2- a????,.,