95-079 Ordinance - Laserfiche WebLink

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-2- parking lot; by reconstructing and paving with concrete the existing walkway from Lorain Road to the Recreation Center; and by draining and landscaping the Recreation Center site, all together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately June 1, 1996, shall bear interest at the now estimated rate of 6-1/2% per year, payable semiannually until the principal amount is paid, and are estimated to mature in fifteen annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1997. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $245,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not to exceed 7-1 /2 % per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. 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 principal corporate trust office of National Ciry Bank, Cleveland, Ohio (the Paying Agent). The Notes shall be dated the date of issuance and shall mature on June 20, 1996. 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. 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. 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. Notwithstanding any other provisions of this ordinance, if it is determined by the Director of Finance to be advantageous to the City, the Notes may be issued as fully registered securities in accordance with Section 133.40 of the Revised Code and in book entry form in accordance with the provisions of Section 9.96 of the Revised Code and this Section. 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 Notes and the principal of and interest on the Notes may be transferred only through a book entry, and (ii) physical Note certificates in fully registered form are issued by the City only to a Depository or its nominee as registered owner, with the Notes "immobilized" in the custody of the Depository. The book entry maintained by others than the City is the record that identifies the owners of beneficial interests in those Notes and that principal and interest. "Depository" means any securities depository that is a clearing agency under federal law operating and maintaining, with its Participants or otherwise, a book entry system to record ownership of beneficial interests in Notes or the principal and interest, and to effect transfers of Notes, in book entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York. "Participant" means any participant contracting with a Depository under a book entry system and includes security brokers and dealers, banks and trust companies, and clearing corporations. D03: [00523. DOCS. NOR05223]ORD_PARK_REC_245.