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<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $100,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not to exceed
<br />7-1 /2 % per year (computed on a 360-day per year basis), payable at maturity and until the
<br />principal amount is paid or payment is provided for. The rate of interest on the Notes shall be
<br />determined by the Director of Finance in the certificate awarding the Notes in accordance with
<br />Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve
<br />funds of the United States of America, without deduction for services of the City's paying agent,
<br />at the principal corporate trust office of National City Bank, Cleveland, Ohio (the Paying
<br />Agent). The Notes shall be dated the date of issuance and shall mature on June 20, 1996.
<br />Section 5. The Notes shall be signed by the Mayor and Director of Finance, in
<br />the name of the City and in their official capacities, provided that one of those signatures may
<br />be a facsimile. The Notes shall be issued in the denominations and numbers as requested by the
<br />original purchaser and approved by the Director of Finance, provided that the entire principal
<br />amount may be represented by a single note. The Notes shall not have coupons attached, shall
<br />be numbered as determined by the Director of Finance and shall express upon their faces the
<br />purpose, in summary terms, for which they are issued and that they are issued pursuant to this
<br />ordinance.
<br />Notwithstanding any other provisions of this ordinance, if it is determined by the
<br />Director of Finance to be advantageous to the City, the Notes may be issued as fully registered
<br />securities in accordance with Section 133.40 of the Revised Code and in book entry form in
<br />accordance with the provisions of Section 9.96 of the Revised Code and this Section. As used
<br />in this Section and this ordinance:
<br />"Book entry form" or "book entry system" means a form or system under which
<br />(i) the ownership of beneficial interests in Notes and the principal of and interest on the Notes
<br />may be transferred only through a book entry, and (ii) physical Note certificates in fully
<br />registered form are issued by the City only to a Depository or its nominee as registered owner,
<br />with the Notes "immobilized" in the custody of the Depository. The book entry maintained by
<br />others than the City is the record that identifies the owners of beneficial interests in those Notes
<br />and that principal and interest.
<br />"Depository" means any securities depository that is a clearing agency under
<br />federal law operating and maintaining, with its Participants or otherwise, a book entry system
<br />to record ownership of beneficial interests in Notes or the principal and interest, and to effect
<br />transfers of Notes, in book entry form, and includes and means initially The Depository Trust
<br />Company (a limited purpose trust company), New York, New York.
<br />"Participant" means any participant contracting with a Depository under a book
<br />entry system and includes security brokers and dealers, banks and trust companies, and clearing
<br />corporations.
<br />The Notes may be issued to a Depository for use in a book entry system and, if
<br />and as long as a book entry system is utilized, (i) the Notes may be issued in the form of a
<br />D03: [00523.DOCS. NOR05223]ORD_ADMIN_COMP_$100.
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