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- 2 - Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of'. $270,000 (the Notes) sl-iall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available t.o the City, the 1988 Notes. The Notes shall bear interest at a rate o.r rates not to exceed 8~ per year (~~omputed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If_ requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the principal of and interest nn the Notes, the prin- cipal amount of the Notes shall bear interest at a different rate or rates not to exceed 10-1f2% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest. on the Notes shall be determined by the Director of Finance in the certificate award- ing the Notes in accordance with Section 6 of this ordinance. Section 4. The principal of and interest on the Notes shall be pay- able in .law.f.ul money of the United States of America, or in Federal Reserve funds of the iJni.ted States of America if so requested by the original pur- chaser. The principal of. and interest, on the Notes shall. be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at tl:e principal office of a bank or trust company requested by the original purchaser of the Notes, provided that such request shall be approved by the Di.re<:tor of Finance after determining that tl~ie payment at that bank ar trust company will. not endanger the funds o.r securities of the City and that proper procedures and safeguards are available f_cr that purpose. The Notes sha h! be dated August 10, 1989 anal shall mature 0,.1 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 tY~e 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 grinr.ipal 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 :aces the purpose for which they are issued and tllat. tl~iey az~e issued pursuant to this ordinance. Sect. .ion 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 purchased for the Bond Retirement Funci or for other funds of the City shall be sold at private sale by the Director of Finance in accordance with 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 and delivered, together. with a true transcript of proceedings with reference to the issuance of the Notes it- requested by the original purchaser, to tl~.e original purchaser upon payment: of the purchase price. Section ?. Z'he proceeds from the sale of the Notes, except any premium and accrued interest, slia.l.1 be paid into the proper fund or funds and those proceeds are appropriated and. shall be ~a.,ed for the purpose for which