91-019 Ordinance - Laserfiche WebLink

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- 2 - 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 t. tie 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 ttie 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 (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 to 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. Ttie Notes shall be signed by the Mayor and Director of Finance, in th.e 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 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. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces ttie purpose, in summary terms, for 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 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 ttie 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. The Mayor, the Director of Finance, the Clerk of Council and other City officials, as appropriate, ar.e each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary o.r 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 issue of Notes 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.