99-022 Ordinance - Laserfiche WebLink

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0*16 Wedgewood Drive, Wisteria Drive and Woodmere Drive by installing street lighting and underground wiring; in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately September 1, 1999, shall bear interest at the now estimated rate of 5 1/4% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 2000. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate principal amount of $1,100,000 (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 September 23, 1999; 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 Award) a maturity date for the Notes that is prior to September 23, 1999, but on or after July 15, 1999. The Notes shall bear interest at a rate not to exceed 5% 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 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 shall be issued in the denominations and numbers 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 and that no Note shall be issued in a denomination less than $100,000 or exchangeable for other Notes in denominations less than $100,000. 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. 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 "immobilized" 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. "Depository" means any security depository that is a clearing agency under federal law operating and maintaining, with its Participants or otherwise, a book entry system to recard -2- ?,ra,?? ,