85-063 Ordinance - Laserfiche WebLink

Home Browse Search

Ordinance No. 85-63 2 - funds of the United 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 the 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 Director of Finance after determining that the payment at that bank or trust company will adequately protect the funds of the City and that proper procedures and safeguards are available for that purpose. The Notes shall be dated July 17, 1985, and shall mature on July 17, 1986. 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; shall be issued in the numbers and denominations as may be 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; shall not have coupons attached; shall 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 purchased 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 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 if requested by the original purchaser, to the original purchaser upon payment of the purchase price. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law. Section 8. The par value to be received from the sale of the Bonds or 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 and are pledged for that purpose. Section 9. During the year or years in which the Notes are outstand- ing, there shall be levied on all the taxable property in the City, in addi- tion to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall 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 duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the principal of and interest on the Notes or the Bonds when and as the same fall due.