98-069 Ordinance - Laserfiche WebLink

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Section 6. The Notes sha11 be sold by the Director of Finance at private sale to National City Bank, 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. In accordance with her determination of the best interest of the City and the amount required for the purpose set forth in Section 1(including payment of financing costs in connection with the Notes), and based on conditions then existing in the financial markets, the Director of Finance sha11 sign the Certificate of Award to establish and specify the aggregate principal amount of the Notes to be issued, the interest rate the Notes are to bear, the final purchase price of the Notes and other final terms of the Notes in accordance with the provisions of this ordinance and evidence the sale of the Notes to the Original Purchaser. Thereafter, the Director of Finance shall 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 price. The Mayor, the Director of Finance, the Clerk of Council, the Director of Law, the Clerk of Council and 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 tlus 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 City 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 3. Sections 3 and 6 of Ordinance No. 98-56, as passed on May 19, 1998, be and are hereby repealed. Section 4. This Council finds and determines that a11 formal actions of this Council and of any of its committees concerning and relating to the passage of this ordinance were taken, and that all deliberations of this Council and of any committees that resulted in those formal actions were held, in meetings open to the public in compliance with the law. -2- .,..