2001-145 Ordinance - Laserfiche WebLink

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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 ninety days earlier than one year from the date of issuance. The Notes shall bear irrterest at a rate not to exceed 40/o per year (computed on the basis of a 360-day year consisting of twelve 30-day morrths), payable at maturity and until the principal amount is paid or payment is provided for. The rate of itrterest on the Notes shall be determined by the Director af Finance in the Certificate of Award. Section 4. The debt charges on the Notes sha11 be payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio. Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of the Crty and in their official capacities, provided that one of those signatures may be a facsimile. Subject to the provisions of this Section and Section 6 of this ordinance, the Notes sha11 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 amourrt may be represented by a single note. The Notes may be issued as fully registered secwities (for which the Director of Finance will serve as note registrar) and in book entry or other uncertificated form in accordance with Section 9.96 and Chapter 133 of the Revised Code, with a single physical note certificate representing the errtire issue (or the consolidated issue into which it is combined with one or more other nate issues of the City in accordance with Section 6), if it is determined by the Director of Finance that issuance of fully registered securities in that form will facilitate the sale and delivery of the Notes. The Notes sha11 not have coupons attached, sha11 be numbered as determined by the Director of Finance and sha11 express upon their faces the purpose, in summary terms, for which they are issued and that they are issued pursuant to this ordinance. As used in this Section and this ordinance: `Book entry form" ar "book entry system" means a form or system under which (i) the ovmership of beneficial interests in the Notes and the principal of, and interest on, the Notes (book entsy interests) may be transferred only through a book emry, and (ii) a single physical Note certificate is issued by the City and payable only to a Depository or its nominee, with such Nates deposited with and retained in the custody of the Depository or its agent for that purpose. The book ecrtry maimained by others than the City is the record that idernifies the owners of book emry interests in the Notes and that principal a.nd irrterest. `Depository" means any security depository that is a clearing agency under federal law operating and maimaining, with its Participants or othervvise, a book entry system to record ownership of book entry interests in the Notes or the principal ot and interest on, the Notes and to effect transfers of the Notes, in book entry form, and includes and means initially The Depository Trust Company (a limited pwpose trust company), New York, New Yark. `Participant" means any participant corrtracting with a Depository under a book entry system and includes security brokers and dealers, banks and trust companies, and clearing corporations. -2-