2003-055 Ordinance - Laserfiche WebLink

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and its Participants, and transfers of the ownership of book eYrtry irnerests sha11 be made only by book errtry by the Depository and its Participarrts; and (iv) the Notes as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the City. If any Depository determines not to cominue to act as a Depository for the Notes for use in a book entry system, the Director of Fina.nce may attempt to esta.blish a securities depositoryJbook entry relationship with another qualified Depository. If the Director of Finance does not or is una.ble to do so, the Director of Finance, after making provision for notification of the book entry interest owners by the then Depository and any other arrangements deemed necessary, sha11 permit withdrawal of the Notes from the Depository, and shall cause the Notes in bearer or payable form to be signed by the officers authorized to sign the Notes and deiivered to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of priirting), if the eveirt is not the result of City action or inaction, of those persons requesting such issuance. The Director of Finance is also hereby authorized and directed, to the extent necessary or required, to enter into any agreemems determined necessary in connection with the book entry system for the Notes, after determining that the signing thereof will not endanger the funds or securities of the City. Sedion 6. The Notes shall be sold by the Director of Finance at private sale to NatCity Investments, Inc., Cleveland, Ohio, at a purchase price not less than par plus acerued interest, in accordance with law and the provisions of this ordinance. In accordance with her determination of the amount needed for the puipose set forth in 5ection 1, the Director of Finance sha11 sign the Certificate of Award referred to in Section 3 to establish and specify the principal amourn of the Notes to be issued, the interest rate the Notes are to bear, the final purchase price of the Notes and other final terms of the Notes in accordance with the provisions of this ordinance and to evidence the sale of the Notes to the original purchaser. The Director of Finance shall then cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the Director of La.w, the Clerk of Council and other City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions corrtemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in the best irrterest of the City, to combine the issue of Notes with one or more other note issues of the City into a consolidated note issue pursua.nt to Section I33.30(B) of the Revised Code; provided that, if the aggregate principal amount of the consolidated issue is $1,000,000 or more, no note of that issue sha11 be issued in a denomination less than $100,000 or be exchangeable for other notes in denominations less than $100,000. Section 7. The proceeds from the sale of the Notes, except any premium and accrued irrterest, shall be paid iYrto the proper fund or funds and those proceeds are appropriated and sha11 be used for the purpose for which the Notes are being issued. The expenditure of those proceeds for the pwpose set forth in Section 1, including, without limitation, for financing costs as defined in -3-