89-061 Ordinance - Laserfiche WebLink

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- 2 - trust company requested by the original pcarclaser of Lhe Notes, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or Lrust, company will noC endanger the funds or securities of the City and that: proper procedures and safeguards a.re available fo that purpose. The Notes shall be dated. the date of issuance, and shall mature on June 6, 1990. 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, and bear the corporate seal of the City or a facsimile of that seal. 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, shaJ.l be numbered as determined by the Director of Finance and shall express upon their. faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes are offered at par and accrued interest, if any, to the Director of Finance, as officer in charge of_ the Bond Retirement Fund of the City. Notes not purr_hased for• the Bond Retirement Fund or for other funds of the City shall be sold at private sale by the Director of Finance in accordance ~r;ith. .law and the provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section. 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed anal delivered, together with a true transcript of proceedings with reference to file issuance of the Notes i.f requested by the original purchaser., t.o the original purchaser upon payment. of the purcb.ase price. Section ?. The proceeds from the sale of the Nat.es, except. any premium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used f_or the purpose for which the Notes are being issued. Any portion of those proceeds representing pre- mium and accrued interest shall be paid into the Bond Retir.emer~t Fund. Section 8. The par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the principal of and interest on the Notes at maturity anal are pledged for that purpose. Section 9. During the year or years in which the Notes are out- standing, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same tay that. would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax :;hall be within the 11.1--mill limitation provided by the Charter of the City, shall be and is ordered computed, certified, levied and extended upon. the tax dupli- cate and collected by the same officers, in the same manner, and at the same time Chat taxes for general purposes for each of those years are certified, J.evied, extended and collected, and shall be placed before and in preference t.o a.11_ other items and for the full amount therPOf. The proceeds of the tax levy shall be placed in tYie Bond Retirement Fund, which is irrevor.ably pledged for the payment of the principal of and interest on the Notes or the Bonds when and as the same fall due.