91-021 Ordinance - Laserfiche WebLink

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- 2 - Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $340,000 (the Notes) shall be iss~ied in anticipation of the issuance of the Bonds and to retire the 1990 Notes. 7'he 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 is 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 the debt charges on the Notes, the principal amount of the Notes 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 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 tl-e 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 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 not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (tlie Paying Agerit). 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 to be necessary or advisable to the sale of the Notes, establis}i a maturity date t.liat 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 that one of those signatures may be a facsimile. The Notes shall be issued in the 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 ghat is the sum of $100,000 and $5,000 or any whole multiple thereof, and are not exc)zangeabl.e for other Notes in denominations less than $100,000. The 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, f.or which they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes shall be sold at not less than par at private sale by tl~e 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 i.n 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