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? ORDINANCE N0. 84-ew"
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<br />Section 4. The principal of and interest on the Notes shall be
<br />payable in lawful money of the United States of America, or in Federal Reserve
<br />funds of the United States of America if so requested by the original pur-
<br />chaser. The principal of and interest on the Notes shall be payable, without
<br />deduction for services of the City's paying agent, at the main office of
<br />National City Bank, Cleveland, Ohio, or, at the option of the holder, at the
<br />principal office of a bank or trust company requested by the original pur-
<br />chaser of the Notes, provided that such request shall be approved by the
<br />Director of Finance after determining that the payment at that bank or trust
<br />company will adequately protect the funds of the City and that proper proce-
<br />dures and safeguards are available for that purpose. The Notes shall be dated
<br />the date of issuance, and shall mature one year from the date of issuance.
<br />Section 5. The Notes shall be signed by the Mayor and Director of
<br />Finance, in the name of the City and in their official capacities, provided
<br />that one of those signatures may be a facsimile, and bear the corporate seal
<br />of the City or a facsimile of that seal; shall be issued in the numbers and
<br />denominations as may be requested by the original purchaser and approned by
<br />the Director of Finance, provided that the entire principal amount may be
<br />represented by a single note; shall not have coupons attached; shall be
<br />numbered as determined by the Director of Finance; and shall express upon
<br />their faces the purpose for which they are issued and that they are issued
<br />pursuant to this ordinance.
<br />Section 6. The Notes are offered at par and accrued interest, if
<br />any, to the Director of Finance, as officer in charge of the Bond Retirement
<br />Fund of the City. Notes not purchased for the Bond Retirement Fund or for
<br />other funds of the City shall be sold at private sale by the Director of
<br />Finance in accordance with law and the provisions of this ordinance. The
<br />Director of Finance shall sign the certificate of award referred to in Section
<br />3 evidencing that sale, cause the Notes to be prepared, and have the Notes
<br />signed and delivered, together with a true transcript of proceedings with
<br />reference to the issuance of the Notes if requested by the original purchaser,
<br />to the original purchaser upon payment of the purchase price.
<br />Section 7. The proceeds from the sale of the Notes, except any
<br />premium and accrued interest, shall be paid into the construction fund for the
<br />improvement and then transferred immediatelq to the Bond Retirement Fund and
<br />shall be used, together with any investment earnings thereon, to pay principal
<br />of and interest on the outstanding notes at maturity and are pledged for that
<br />purpose. Any portion of those proceeds representing premium and accrued
<br />interest shall be paid into the Bond Retirement Fund to be applied to the
<br />payment of the principal of and interest on the Notes in the manner provided
<br />by law.
<br />Section 8. The par value to be received from the sale of the Bonds
<br />or any renewal notes and any excess funds resulting from the issuance of the
<br />Notes shall, to the extent necessary, be used to pay the principal of and
<br />interest on the Notes at maturity and are pledged for that purpose.
<br />Section 9. During the year or years in which the Notes are out-
<br />standing, there shall be levied on all the taxable propertq in the City, in
<br />addition to all other taxes, the same tax that would have been levied if the
<br />Bonds had been issued without the prior issuance of the Notes. The tax shall
<br />be within the 11.1-mill limitation provided by the Charter of the City, shall
<br />be and is ordered computed, certified, levied and extended upon the tax dupli-
<br />cate and collected by the same officers, in the same manner, and at the same
<br />time that taxes for general purposes for each of those years are certified,
<br />levied, extended and collected, and shall be placed before and in preference
<br />to all other items and for the full amount thereof. The proceeds of the tax
<br />levy shall be plaeed in the Bond Retirement Fund, which is irrevocably pledged
<br />for the payment of the principal of and interest on the Notes or the Bonds
<br />when and as the same fall due.
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