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?. - 3 <br />(xii) grading, draining, curbing, reconstructing the pavement base, widening, <br />preparing the surface and paving with concrete, constructing storm sewers and catch basins, <br />constructing and reconstructing sidewalks, reconstructing driveway aprons, installing <br />underground and above-ground wires and cables for street lighting, reconstructing water <br />mains, water service connections and sanitary sewer service connections where necessary, and <br />reconstructing and rehabilitating sanitary sewers where necessary in Macbeth Avenue; and <br />(xiii) grading, draining, curbing, reconstructing the pavement base, widening, <br />preparing the surface and paving with concrete, constructing storm sewers and catch basins, <br />reconstructing driveway aprons, installing underground and above-ground wires and cables for <br />street lighting, reconstructing water mains, water service connections, sanitary sewer service <br />connections and sidewalks where necessary, and reconstructing and rehabilitating sanitary <br />sewers where necessary in Oak Lane; <br />in each case together with the necessary appurtenances and work incidental thereto. <br />Section 2. The Bonds shall be dated approximately March 1, 1994, shall bear <br />interest at the now estimated rate of 8% per year, payable semi-annually until the principal <br />amount is paid, and are estimated to mature in twenry annual principal installments that are <br />substantially equal. The first principal installment is estimated to be December 1, 1995. <br />Section 3. It is necessary to issue and this Council determines that notes in the <br />aggregate principal amount of $150,000 (the Notes) shall be issued in anticipation of the <br />issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 7% per <br />year (computed on a 360-day per year basis), payable at maturiry or at any date of earlier <br />prepayment as provided for in Section 4 of this ordinance and until the principal amount is <br />paid or payment is provided for. If requested by the original purchaser, the Notes may <br />provide that, in the event the City does not pay or make provision for payment at maturity of <br />the debt charges on the Notes, the principal amount of the Notes shall bear interest at a <br />different rate or rates not to exceed 10% per year from the maturity date until the City pays or <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 on March 24, 1994. If agreed <br />to by the original purchaser, the Notes shall be prepayable without penalty or premium at the <br />option of the City at any time prior to maturity as provided in this ordinance. Prepayment <br />prior to maturity shall be made by deposit with the Paying Agent of the principal amount of <br />the Notes together with interest accrued thereon to the date of prepayment. The City's right of <br />prepayment shall be exercised by mailing a notice of prepayment, stating the date of <br />prepayment and the name and address of the Paying Agent, by certified or registered mail to <br />the original purchaser of the Notes not less than seven days prior to the date of that deposit, <br />unless that notice is waived by the original purchaser of the Notes. If money for prepayment <br />is on deposit with the Paying Agent on the specified prepayment date following the giving of <br />that notice (unless the requirement of that notice is waived as stated above), interest on the <br />principal amount prepaid shall cease to accrue on the prepayment date, and upon the request of <br />the Director of Finance the original purchaser of the Notes shall arrange for the delivery of the