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<br />Christman Drive, Stafford Drive, Sommerset Drive, Hastings Drive, Sutton Drive, Cambridge
<br />Drive and Stewart Avenue; and
<br />(iv) reconstructing sections of the pavement base, preparing the surface and
<br />paving, where necessary, Alden Drive, Allendale Drive, Amesbury Drive, Ashton Circle,
<br />Beaumont Drive, Bellevue Drive, Berkshire Drive, Bretton Ridge Drive, Carey Lane, Carla
<br />Lane, Cedarwood Lane, Chadbourne Drive, Clayton Drive, Clinton Drive, Croton Drive,
<br />Decker Road, Delmere Drive, Devon Drive, Dorchester Drive, Dorothy Drive, East Oxford
<br />Oval, Fairlawn Drive, Glouchester Drive, Hampton Drive, Hawkins Road, Huntington Drive,
<br />LeBern Drive, Midvale Avenue, Noreen Drive, Northern Avenue, North Oxford Oval, Paisley
<br />Drive, Pompton Drive, Revere Drive, Southern Avenue, South Oxford Oval, South Porter
<br />Road, Tudor Drive, Vincent Drive, Warrington Drive, Wellington Drive, Westminster Drive,
<br />West Oxford Oval, Willet Circle, and Willet Road;
<br />in each case together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately January 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 twenty 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 $2,250,000 (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 maturity 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 not earlier than six months and
<br />not more than nine months from the date of issuance, as set forth in the certificate awarding
<br />the Notes described in Section 6 of this ordinance and in accordance with the Director of
<br />Finance's determination of the best interests of and financial advantage to the City and its
<br />taxpayers and conditions then existing in the financial markets; provided that the Director of
<br />Finance may, if it is determined to be necessary or advisable to the sale of the Notes, establish
<br />a maturity date that is up to seven days less than six months from the date of issuance by
<br />setting forth that maturity date in the certificate of award. If agreed to by the original
<br />purchaser, the Notes shall be prepayable without penalty or premium at the option of the City
<br />at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall
<br />be made by deposit with the Paying Agent of the principal amount of the Notes together with
<br />interest accrued thereon to the date of prepayment. The Ciry's right of prepayment shall be
<br />exercised by mailing a notice of prepayment, stating the date of prepayment and the name and
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