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<br />(iii) grading, draining, curbing, reconstructing the pavement base,
<br />preparing the surface and paving with concrete, constructing and
<br />reconstructing storm sewers, and reconstructing sanitary sewers, sidewalks and
<br />driveway aprons, all where necessary in Terrace Drive and in Sunset Oval;
<br />(iv) grading, draining, curbing, reconstructing the pavement base,
<br />widening, preparing the surface and paving, reconstructing and rehabilitating
<br />storm sewers where necessary, and reconstructing sanitary sewers, sidewalks
<br />and driveway aprons where necessary in Marion Avenue, in Clifford Road, in
<br />West 230th Street from Clifford Road to Marion Avenue, in West 233rd Street
<br />from Clifford Road to Marion Avenue; and
<br />(v) reconstructing sections of the pavement base, preparing the
<br />surface and paving, reconstructing storm sewers, curbs, sidewalks and driveway
<br />aprons and reconstructing and rehabilitating sanitary sewers and sanitary
<br />sewer connections, all where necessary in Louann Drive, Nancy Drive, Angela
<br />Drive, Gareau Drive, Park Ridge Drive, Sherwood Drive, Forest Ridge Drive,
<br />Lynhaven Drive and Windsor Drive;
<br />in each case together with the necessary appurtenances and work incidental
<br />thereto.
<br />Section 2. The Bonds shall be dated approximately April 1, 1992
<br />shall bear interest at the now estimated rate of 8~ per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />annual principal installments that are substantially equal.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $2,300,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds. The Notes shall bear
<br />interest at a rate or rates not to exceed 8X per year (computed on a 360-day
<br />per year basis), payable at maturity or at any date of earlier prepayment as
<br />provided for in Section 4 of this ordinance and until the principal amount is
<br />paid or payment is provided for. If requested by the original purchaser, the
<br />Notes may provide that, in the event the City does not pay or make provision
<br />for payment at maturity of the debt charges on the Notes, the principal amount
<br />of the Notes shall bear interest at a different rate or rates not to exceed
<br />11% per year from the maturity date until the City pays or makes provision to
<br />pay that principal amount. The rate or rates of interest on the Notes shall
<br />be determined by the Director of Finance in the certificate awarding the Notes
<br />in accordance with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in lawful
<br />money of the United States of America, or in Federal Reserve funds of the
<br />United States of America if so requested by the original purchaser, and shall
<br />be payable, without deduction for services of the City's paying agent, at the
<br />main office of National City Bank, Cleveland, Ohio, or at the principal office
<br />of a bank or trust company requested by the original purchaser of the Notes,
<br />provided that such request shall be approved by the Director of Finance after
<br />determining that the payment at that bank or trust company will not endanger
<br />the funds or securities of the City and that proper procedures and safeguards
<br />are available for that purpose (the Paying Agent). The Notes shall be dated
<br />
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