90-057 Ordinance - Laserfiche WebLink

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, --_ .• - . . , ?""` ,,'"?? - 2 - 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 determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt cfiarges 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 office of National City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requeated by the original purchaser of the Notes, provided that such request shall be approved by the Director o£ 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 the date of issuance and shall mature on March 5, 1991. If agreed to by the original purchaser, the Notes sha11 be prepayable without penalty or premium at the option of the City at any time prior to matur.ity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Paying Agent of the princlpal 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 Nntes. If money for prepayment is on deposit with the Yaying Agent on the specified prepayment date following the giving of t.hat notice (unless the requirement of that notice is waived as stated above), in- terest 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 Notes sha11 arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment and surrender and cancellation. 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 signat.ur.es 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 no Note shall be issued in a denomination less than $100,000 or exchangeable for other Notes in denomina- tion less than $100,000 and that the entire principal amount may be repre- sented by a single note. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shal.l express upon their faces the purpose, in summary terms, for which they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes shall be sold at not less than par at private sale by the Director of Finance in accordance with law and the provisions of ttiis ordinance. The Director of Flnaitce shall sign the certificate of award referred to in Sect3on 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together wi.th 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.