90-059 Ordinance - Laserfiche WebLink

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- 2 - makes provision to pay that principal amount. The rate or rates of interest on the Aiote shall be determined by the Director of Finance in the certificate awarding the Note in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Note 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 office of National City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the original purchaser of the Note, provided that such 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 Note shall be dated June 5, 1990 and shall mature March 5, 1991. If agreed to by the original purchaser, the Note shall be prepayable without penalty or premium at the option of t}ie 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 Note 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 Atote not less than seven days prior to the date of that deposit, unless that notice is waived by the original purchaser of the Note. If money for prepayment is on deposit with tlie 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 prepayment date, and upon the request of the Director of Finance the original purchaser of the Note shall arrange for the delivery of the Note at the designated office of the Paying Agent for prepayment and surrender and cancellation. Section 5. The Note 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 Note shall not be exchangeable for other Notes. The Note shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon its face the purpose, in summary terms, for which it is issued and that it is issued pursuant to ttiis ordinance. Section 6. The Note shall be sold at not less than par at private sale by the Director of Finance in accordance with law and the provisions of this ordinance. The Director of Finance shall sign the ceri.ificate of award referred to in Section 3 evidencing that sale, cause the Note to be prepared, and have the Note signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Note if requested by the original purchaser, to the original purchaser upon payment of the purchase price. Section 7. The proceeds from the sale of the Note, 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 Note is being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund.