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<br />Road, Alden Drive, Dewey Road, Douglas Drive, Sweetbriar Drive, Willet Road, Maria Lane,
<br />Rosita Lane, Deerf'ield Drive, Dawn Drive, Dawn Circle, Chase Drive, Fawn Drive, Brighton
<br />Drive, Suney Drive, Stafford Drive, Sommerset Drive, Allendale Drive, Amesbury Drive,
<br />Ashton Circle, Beaumont Drive, Bretton Ridge Drive, Carey Lane, Carla Lane, Cedarwood
<br />Lane, Chadboume Drive, Clayton Drive, Clinton Drive, Decker Road, Delmere Drive,
<br />Dorchester Drive, Fairlawn Drive, Huntington Drive, LeBern Drive, Revere Drive, South Porter
<br />Road, Warrington Drive, Wellington Drive, Westminster Drive, Willet Circle, Woodview Drive,
<br />Frank Street, Park Lane, Ambour Drive, Beech Lane and Alexander Road, in each case together
<br />with necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately June 1, 1996, shall bear interest
<br />at the now estimated rate of 6-3/4% per year, payable semiannually until the principal amount
<br />is paid, and are estimated to mature in twenty annual principal installments that are substantially
<br />equal. The first principal installment is estunated to be payable on December 1, 1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $7,660,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds and to retire the Outstanding 1994 Notes. The Notes shall bear interest
<br />at a rate not to exceed 7-1/2% per year (computed on a 360-day per year basis), payable at
<br />maturity and until the principal amount is paid or payment is provided for. The rate of interest
<br />on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes
<br />in accordance with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds
<br />of the United States of America, without deduction for services of the City's paying agent, at
<br />the principal corporate trust office of National City Bank, Cleveland, Ohio (the Paying Agent).
<br />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 the
<br />name of the City and in their official capacities, provided that one of those signatures may be
<br />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 />D03: [00523.DOCS.NOR05223]ORD_STREETS_$7.660
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