85-079 Ordinance - Laserfiche WebLink

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_ _ .?__,..'....??...TM.?,?....?,.lim....._ . ._.. _ _ _.._ ,.___.. _a...w_..? r_.,_..._,_? . .. .. - 2 - stated above, the Bonds shall bear that rate of interest as specified in the ordinance of Council providing for the award of the Bonds. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from October 1, 1985. The Bonds shall mature as follows: $150,000 on December 1 of each of the years from 1986 through 1995 and $155,000 on December 1 of each of the years from 1996 through 2005, which maturities are determined to be in sub- stantially equal annual installments. The Bonds shall express on their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 3. The Bonds shall be signed by the Mayor and the Director of Finance in their official capacities (either or both of those signatures may be a facsimile), and shall bear the corporate seal of the City or a fac- simile of that seal. No Bond shall be valid or obligatory for any purpose or shall be entitled to any security or benefit under this ordinance unless and until the certificate of authentication printed on the Bond is signed by the Bond Registrar (as defined in Section 4 below) as authenticating agent. Authentication by the Bond Registrar shall be conclusive evidence that the Bond so authenticated has been duly issued, signed and delivered under this ordinance and is entitled to the security and benefit of this ordinance. The certificate of authentication may be signed by any authorized officer or em- ployee of the Bond Registrar or by any other person acting as an agent of the Bond Registrar and approved by the Director of Finance on behalf of the City. The same person need not sign the certificate of authentication on all of the Bonds. Section 4. National City Bank, Cleveland, Ohio, is appointed to act as the authenticating agent, bond registrar, transfer agent and paying agent (collectively, the Bond Registrar) for the Bonds. The Mayor and Director of Finance shall sign and deliver, in the name and on behalf of the City, the Bond Registrar Agreement between the City and the Bond Registrar (the Agree- ment) in substantially the same form as is now on file with the Clerk of Council. The Agreement is approved, together with any changes or amendments that are not inconsistent with this ordinance and not substantially adverse to the City and that are approved by the Mayor and Director of Finance on behalf of the City, all of which shall be conclusively evidenced by the signing of the Agreement or amendments to the Agreement. The Director of Finance shall provide for the payment of the services rendered and for reimbursement of expenses incurred pursuant to the Agreement from the proceeds of the Bonds to the extent available and then from other funds lawfully available and appro- priated or to be appropriated for that purpose. Section 5. The principal of and interest on the Bonds shall be pay- able in lawful money of the United States of America without deduction for the services of the Bond Registrar as paying agent. Principal shall be payable when due upon presentation and surrender of the Bonds at the principal corpo- rate trust office of the Bond Registrar. Interest on a Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond was registered, and to that person's address appearing, on the Bond Register (as defined in Section 6 below) at the close of business on the 15th day of the calendar month next preceding that Interest Payment Date (the Record Date). Section 6. So long as any of the Bonds remain outstanding, the City will cause the Bond Registrar to maintain and keep at its principal corporate trust office all books and records necessary for the registration, exchange and transfer of Bonds as provided in this Section (the Bond Register). Sub- ject to the provisions of Section 5 above, the person in whose name a Bond is