98-067 Ordinance - Laserfiche WebLink

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? ry Section 6. The Notes shall 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 paz 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, together with other funds available and appropriate for the purpose, to retire the Outstanding Notes and to provide for the payment of financing costs (as defined in Section 133.01 of the Revised Code) in connection with the Notes, and based on conditions then existing in the financial markets, the Director of Finance shail sign the Certificate of Award to establish and specify the aggregate principal amount of the Notes to be issued, the interest rate the Notes aze 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 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 City into a consolidated note issue pursuant to Section 13330(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 Sections 3 and 6 of Ordinance No. 98-43, as passed on May 19, 1998, be and are hereby repealed. Section 4. This Council finds and deternunes that all 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-