91-026 Ordinance - Laserfiche WebLink

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- 2 - (computed on a 360-day per year basis), payable at maturity and t.intil the principal amount is paid or payment is provided f.or. If requested by the original purchaser, the Note may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Note, the principal amount of the Note shall bear interest at a different rate or rates not to exceed 11~ 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 Note shall be determined by the Director of Finance in the certificate awarding the Note in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Note shall be payable in lawful money of t}ie United States of America, or in Federal Reserve funds of_ the United States of America if so requested by the original purchaser, and 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 Note, provided that such request shall be approved by the Director of Finance after determining that t}ie payment at that bank or trust company will not endanger the funds or. securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Note shall be dated the date of issuance and shall mature nine months from the date of issuance, provided that the Director of Finance may, if it is determined to be necessary or advisable to the sale of the Note, establish a maturity date that is up to seven days less than nine months from the date of issuance by setting fort}i that maturity date in the certificate of award. Section 5. The Note 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. The Note shall not be exchangeable fo.r. other Notes. The Note shall not have coupons attached, shall. be numbered as determined by the Director of Finance and shall express upon its face the purpose, in summary terms, for which it is issued and that it is issued pursuant to this ordinance. Section 6. The Note shall be sold at not less than par 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 Note to be prepared, and have the Note signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Note if requested by the or.igiiial purchaser, to the original purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the Clerk of Council and other City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take sucks actions as are necessary or appropriate to consummate the transactions contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine the Note with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code.