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<br />• makes provision to 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 in accordance
<br />with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in lawful money of the
<br />United States of America, or in Federal Reserve funds of the United States of America if so
<br />requested by the original purchaser, and shall be payable, without deduction for services of the
<br />City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the
<br />principal office 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 determining that
<br />the payment at that bank or trust company will not endanger the funds or securities of the City
<br />and that proper procedures and safeguards are available for that purpose (the Paying Agent).
<br />The Notes shall be dated the date of issuance and shall mature nine months from the date of
<br />issuance, provided that the Director of Finance may, if it is determined to be necessary or
<br />advisable to the sale of the Notes, establish a maturity date that is up to seven days less than
<br />one year from the date of issuance by setting forth that maturity date in the certificate of
<br />award. If agreed to by the original purchaser, the Notes shall be prepayable without penalty or
<br />premium at the option of the City at any time prior to maturity as provided in this ordinance.
<br />Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal
<br />amount of the Notes together with interest accrued thereon to the date of prepayment. The
<br />City's right of prepayment shall be exercised by mailing a notice of prepayment, stating the
<br />date of prepayment and the name and address of the Paying Agent, by certified or registered
<br />mail to the original purchaser of the Notes not less than seven days prior to the date of that
<br />deposit, unless that notice is waived by the original purchaser of the Notes. If money for
<br />prepayment is on deposit with the Paying Agent on the specified prepayment date followmg
<br />the giving of that notice (unless the requirement of that notice is waived as stated above),
<br />interest on the principal amount prepaid shall cease to accrue on the prepayment date, and
<br />upon the request of the Director of Finance the original purchaser of the Notes shall arrange
<br />for the delivery of the Notes at the designated office of the Paying Agent for prepayment and
<br />surrender and cancellation.
<br />Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the
<br />name of the City and in their official capacities, provided that one of those signatures may be a
<br />facsimile. The Notes shall be issued in the denominations and numbers as requested by the
<br />original purchaser and approved by the Director of Finance, provided that the entire principal
<br />amount may be represented by a single note. In addition, the Notes may be issued (i) in the
<br />denominations of $100,000 each or (ii) in any denomination that is the sum of $100,000 and
<br />$5,000 or any integral multiple thereof, and, if so issued, are not exchangeable for other Notes
<br />in denominations less than $100,000. The Notes shall not have coupons attached, shall be
<br />numbered as determined by the Director of Finance and shall express upon their faces the
<br />purpose, in summary terms, for which they are issued and that they are issued pursuant to this
<br />Ordinance.
<br />Section 6. The Notes shall be sold at not less than par at private sale by the
<br />Director of Finance in accordance with law and the provisions of this ordinance. The Director
<br />of Finance shall sign the certificate of award referred to in Sections 3 and 4 evidencing that
<br />sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a
<br />true transcript of proceedings with reference to the issuance of the Notes if requested by the
<br />original purchaser, to the original purchaser upon payment of the purchase price. The Mayor,
<br />the Director of Finance, the Clerk of Council and other City officials, as appropriate, are each
<br />authorized and directed to sign any transcript certificates, financial statements and other
<br />documents and instruments and to take such actions as are necessary or appropriate to
<br />consummate the transactions contemplated by this Ordinance. The Director of Finance is
<br />authorized, if it is determined to be in the best interest of the City, to combine the issue of
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