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<br />Drive, Pompton Drive, Southern Avenue, Tudor Drive, Vincent Drive, and Willett Circle; (iv)
<br />by grading, draining, widening, curbing, reconstructing the pavement base and surfacing, by
<br />constructing storm sewers and catch basins, where necessary, and by reconstructing driveway
<br />aprons, in Butternut Ridge Road from a point approximately 100 feet east of its intersection with
<br />Kennedy Ridge Road westerly approximately 600 feet; and (v) by grading, draining, curbing,
<br />reconstructing the pavement base and surfacing, by reconstructing and rehabilitating catch
<br />basins, driveway aprons, sanitary sewers and sanitary sewer service connections, storm sewers,
<br />water mains and water service connections, where necessary, and by installing street lighting in
<br />Alden Drive, Dewey Road, Douglas Drive, Sweetbrier Drive from its intersection with
<br />Canterbury Road westerly approximately 900 feet, and Willett Road from its intersection with
<br />Evergreen Drive westerly approximately 450 feet; in each case together with necessary
<br />appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1994, shall bear
<br />interest at the now estimated rate of 6-1/2% 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 payable on December 1,
<br />1995.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $5,260,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 5 % per year
<br />(computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment
<br />as provided for in Section 4 of this ordinance and until the principal amount is paid or payment
<br />is provided for. If requested by the original purchaser, the Notes may provide that, in the event
<br />the City does not pay or make provision for payment at maturity of the debt charges on the
<br />Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to
<br />exceed 8 % per year from the maturity date until the City pays or makes provision to pay that
<br />principal amount. The rate or rates of interest on the Notes shall be determined by the Director
<br />of Finance in the certificate awarding the Notes in accordance 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 December 15, 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 prior
<br />to maturity shall be made by deposit with the Paying Agent of the principal amount of the Notes
<br />together with interest accrued thereon to the date of prepayment. The City's right of prepayment
<br />shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the
<br />name and address of the Paying Agent, by certified or registered mail to the original purchaser
<br />of the Notes not less than seven days prior to the date of that deposit, unless that notice is
<br />waived by the original purchaser of the Notes. If money for prepayment is on deposit with the
<br />Paying Agent on the specified prepayment date following the giving of that notice (unless the
<br />requirement of that notice is waived as stated above), interest on the principal amount prepaid
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