97-042 Ordinance - Laserfiche WebLink

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. - ~ "4 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. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary teens, for which they are issued and that they are issued pursuant to this ordinance. If it is detennined by the Director of Finance to be advantageous to the Ciry, the Notes may be issued as fully registered securities in accordance with Section 133.40 of the Revised Code and in book entry form in accordance with Section 9.96 of the Revised Code, with a single physical note certificate representing the entire issue (or the consolidated issue into which it is combined with one or more other note issues of the City in accordance with Section 6 of this ordinance) registered in the name of a depository or its nominee and deposited with and in the custody of the depository or its agent and with ownership of book entry interests in the issue being transferrable only through a book entry in a book entry system mauitained by an entity other than the Ciry to identify the owners of those book entry interests. The Director of Finance is authorized, on behalf of the Ciry, to enter into any agreements determined to be necessary in connection with any such issuance of the Notes in book entry form after detennining that the signing thereof will not endanger the funds or securities of the Ciry and after approval of the form of such agreements by the Director of Law. Section 6. The Notes shall be sold by the Director of Finance at private sale to NatCiry Investments, Inc., Cleveland, Ohio (the Original Purchaser), at a purchase price not less than 97 % of par plus accrued interest, in accordance with law and the provisions of this ordinance. The Director of Finance shall sign the Certificate of Award evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the Original Purchaser, to the Original Purchaser upon payment of the purchase pnce. The Mayor, the Director of Finance, the Clerk of Council, the Director of Law, the Clerk of Council aixi other City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine the issue of Notes with one or more other note issues of the Ciry into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code; provided that, if the aggregate principal amount of any such consolidated note issue is $1,000,000 or more, no note of that issue shall be issued in a denomination less than $100,000 or be exchangeable for other notes in denominations less than $100,000. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the debt charges on the Notes at maturity and are pledged for that purpose. -2-