2009-018 Ordinance - Laserfiche WebLink

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.~ Cove Lane, Wedgewood Drive and Whitethorn Avenue between certain termini by reconstructing and rehabilitating the pavement base, curbs, curb ramps and sidewalks and adjusting catch basins, manholes and water valve boxes, where necessary, preparing the surface and resurfacing and (ii) Great Northern Boulevard (State Route 252) between certain termini, in cooperation with the Director of Transportation of the State of Ohio and Cuyahoga County, by grading, draining, constructing, reconstructing and rehabilitating the pavement base, catch basins, curbs and sidewalks, where necessary, and paving, in each case together with the necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately March 1, 2010, shall bear interest at the now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in fifteen annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2011, and the first interest installment on the Bonds is estimated to be payable on December 1, 2010. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $1,145,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the Outstanding Note. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to sixty days earlier than one year from the date of issuance. The Notes shall bear interest at a rate not to exceed 6% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the Certificate of Award. Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agent, at the designated corporate trust office of U.S. Bank National Association, Cleveland, Ohio, or at the designated 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 Director of Finance is authorized to enter into any agreements determined necessary in connection with obtaining the services of a paying agent for the Notes, after determining that the signing thereof will not endanger the funds or securities of the City. Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the 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 and that no Note shall be issued in a denomination less than $100,000 or exchangeable for other Notes in denominations less than $100,000. The Notes may be issued as fully registered securities (for which the Director of Finance will serve as note registrar) and in book -2-