2001-020 Ordinance - Laserfiche WebLink

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"Registrar Agreement" means the Bond Registrar Agreement between the City and the Bond Registrar, as it may be modified from the form on file with the Clerk of Council and executed by the Director of Finance in accordance with Section 4. "Rule" means Rule 15c2-12 prescribed by the SEC pursuant to the Securities Exchange Act of 1934. "SEC" means the Securities and Exchange Commission. The captions and headings in this ordinance are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Purpose; Application of Proceeds. lt is necessary to issue bonds of this City in a maximum aggregate principal amount of $255,000 (the Bonds) for the purpose of improving the City's park and recreational facilities by constructing tennis, shuffleboard and basketball courts and improving playing fields, driveways and parking facilities at North Olmsted Park. Subject to the limitations set forth in tbis ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or determination in the Certificate of Award upon the finalization ofthe terms and provisions ofthe Bonds. The proceeds from the sale of the Bonds, except any premium and accrued interest, shall be paid into the proper fund or fiwds, and those proceeds are appropriated and shall be used far the purpose for wluch the Bonds are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 3. Denominations; Dating• Principal and Interest Payment and Redemption Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in the Authorized Denominations, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The Bonds shall be dated as of May 1, 2001, or such other date not later than July 15, 2001, as is established by the Mayor and the Director of Finance in the Certificate of Award. (a) Interest Rates and Pavment Dates. The Bonds shall bear the rate or rates of interest per year (computed on the basis of a 360-day year consisting of twelve 30-day months), not exceeding 10% per year for any stated maturity, as shall be specified by the Mayor and the Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award; provided, that all Bonds of the same maturity shall bear the same rate of interest. Interest on the Bonds shall be payable on each Interest Payment Date until the principal amount has been paid or provided for. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date. -3-