90-063 Ordinance - Laserfiche WebLink

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. . ?? °""¦'? 2 Section 2. The Bonds shall be dated approximately March 1, 1991, shall bear interest at the now estitnated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and ttiis Council determines that notes in the aggregate principal amount of $240,000 (the Notes) shall be issued i.n anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the 1984 Notes. The Notes shall bear i.nterest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the ATotes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 13% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be detertnined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the main of£ice of Alational City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the original purchaser of the Notes, provided that silch request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Notes shall be dated June 5, 1990 and shall mature March 5, 1991. If agreed to by the original purchaser, the Notes shall be prepayable without penalty or premium at the option of the City at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal amount of the Notes together with interest accrued thereon to the date of prepayment. The City's right of prepayment shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address of the Paying Agent, by certified or registered mail to the original purchaser of the Notes not less than seven days prior to the date of that deposit, unless that notice is waived by the original purchaser of the Notes. If money for prepayment is on deposit with the Paying Agent on the specified prepayment date following the giving of that notice (unless the requirement of that notice is waived as stated above), interest on the principal amount prepaid shall cease to accrue on the prepay- ment date, and upon the request of the Director of Finance the original purchaser of the Notes shall arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment and surrender and can- cellation. 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