91-022 Ordinance - Laserfiche WebLink

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- 2 - Section 2. The Bonds shall be dated approximately December 1, 1991, shall. bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that not:es in the aggregate principal amount of $200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to tYie City, the 1990 Notes. The Notes shall bear interest at a rate or rates not to exceed 8% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment i.s provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of tYie debt charges on the Notes, the principal amount of the Notes s}iall 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 Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so reytiested 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 reyuested by t}ie original purchaser of the Notes, provided tYiat such request shall be approved by the Director of Finance after determining that the 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 Notes 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 t.o be necessary or advisable to the sale of the Notes, establish a maturity date that is up to seven days less than nine months from the date of issuance by setting forth that maturity date in the certificate of award. 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 t}iat one of those signatures may be a facsimile. The Notes shall be issued in tiie denominations and numbers as 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. In addition, the Notes may be issued (i) in the denomination of $100,000 each or (ii) in any denomination that is the sum of $100,000 and $5,000 or any whole multiple thereof, and are not exchangeable for other Notes in denominations less than $100,000. TYie Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary terms, for which they are issued a.nd that they are issued pursuant, to this ordinance.