2003-054 Ordinance - Laserfiche WebLink

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Section 3. It is necessary to issue and this Council deteimines that notes in the aggegate principal amount of $120,000 (the Notes) sha11 be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outsta.nding Notes. The Notes sha11 be dated the date of their issuance, and sha11 mature one year from the date of their 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 in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Awazd) a maturity date for the Notes that is up to ninety days earlier than one year from the date of issuance. The Notes sha11 bear interest at a rate not to exceed 41/20/o per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and urnil the principal amount is paid or payment is provided for. The rate of iirterest on the Notes sha11 be determined by the Director of Finance in the Certificate of Awazd. Section 4. The debt chazges on the Notes sha11 be payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agern, at the main office of Naxional 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 Section 6 of this ordinance, the Notes sha11 be issued in the denominations and numbers as requestetl by the original purchaser and approved by the Director of Finance, provided that the entire principal amourn may be represerrted 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 errtry or other uncertificated form in accordance with Section 9.96 and Chapter 133 ofthe Revised Code, with a single physical note certificate represerrting the ernire 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 sha11 not have coupons attached, shall be numbered as determined by the Director of Finance and sha11 express upon their faces the purpose, in summary terms, for which they are issued and that they aze issued pwsuant 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 iirterests in the Notes and the principal of, and imerest on, the Notes (book erYtry irrterests) 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 maitrtained by others than the City is the record that identifies the owners of book entry irnerests in the Notes and that principal and interest. "Depository" means any security depository that is a clearing agency under federal law operating and maitrtaining, with its Participants or otherwise, a book entry system to record ownership of book eYrtry interests in the Notes or the principal ot and interest on, the Notes and to -2-