Laserfiche WebLink
<br />or its nominee, a11 at the cost and expense (including any costs of printing), if the eveYrt is not the <br />result of City action or inaction, of those persons requesting such issuance. <br />The Director of Finance is alsn hereby authorized and directed, to the extern necessary or <br />required, ta errter into any agreemerrts determined necessary in connection with the book eirtry <br />system for the Notes, after deterrnining that the signing thereof will not enda.nger 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 />Investmerns, Inc., Cleveland, Ohio, at a purchase price not Iess than par plus accrued interest, in <br />accordance with law and the provisions of this ordinance. The Director of Finance sha11 sign the <br />Certificate of Award refeired to in Section 3 evidencing that sale and specifying the irnerest rate the <br />Notes aze to bear, the final pwchase price of the Notes and other final terms of the Notes in <br />accordance with the provisions of this ordinance. The Director of Finance sha11 then cause the <br />Notes to be prepazed, and have the Notes signed and delivered, together with a true transcript of <br />proceedings with reference to the issuance of the Notes if requested by the original pwchaser, to the <br />original purchaser upon paymern of the purchase price. The Mayor, the Director of Finance, the <br />Director of Law, the Clerk of Council and other City of?'icials, as appropriate, are each authorized <br />and directed to sign any transcript certificates, financial statements and other documeirts and <br />instruments and to take such actions as are necessary or appropriate to consummate the transactions <br />contemplated by this ordinance. The Director of F'vnance is authorized, if ft is determined to be in <br />the best interest of the City, to combine the issue of Notes with one or more other note issues of the <br />City irrto a consolidated note issue pursuant to Section 133.30(B) af the Revised Code; provided <br />that, if the aggregate principal amount of the consolidated issue is $1,000,000 or more, no note of <br />that issue sha11 be issued in a denomination less than $100,000 or be exchangeable for other notes in <br />denominations Iess than $100,000. <br />Section 7. The proceeds from the sale of the Notes, except any premium and accrued <br />irrterest, sha11 be paid 'urto the proper fund or funds and those proceeds are appropriated and sha11 be <br />used for the purpose for which the Notes are being issued. The expenditure of those proceeds for <br />the purpose set forth in Section 1, including, without limitation, for financing costs as defined in <br />5ection 133.01 of the Revised Code, is hereby authorized and approved. Any portion of those <br />proceeds representing premium and accrued irrterest sha11 be paid 'urto the Bond Retiremerrt Fund. <br />Section 8. The par value to be received from the sale of the Bonds or of any renewal notes <br />and any excess funds resuhing from the issuance of the Notes shall, to the exterrt necessary, be used <br />to pay the debt charges on the Notes at maturity and aze pledged for that purpose. <br />Section 9. During the year or years in which the Notes aze outstanding, there sha11 be levied <br />on a11 the taxable property in the City, in addition to a11 other taxes, the same tax that would ha.ve <br />been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be <br />within the 11.1-mill limitation provided by the Charter of the City, sha11 be and is ordered <br />computed, certified, levied and extended upon the tax duplicate and collected by the same officers, <br />in the same manner, and at the same time that taaces for general purposes for each of those years aze <br />certified, levied, extended and collected, and sha11 be placed before and in preference to all other <br />items and for the full amount thereof. The proceeds of the ta.x levy sha11 be placed in the Bond <br />-4-