92-099 Ordinance - Laserfiche WebLink

Home Browse Search

- 2 - Sect.ion 3. It is necessary to issue and this Council determines that a note in the pri.ncipal amount of $100,000 (the Not.e) shall be issued in anticipation of the issuance of the Bonds and to retire the 1991 Note. The Note shall bear interest at a rate or rates not to exceed 7% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If requested by ttie orig9nal purchaser, the Note may provide t.hat, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Note, tlie principal amount of ttie Note shall bear interest at a di£ferent rate or rates not to exceed 10% per year from the matiix-ity dat.e until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Note 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 payab.le in lawfijl money of the United States of America, or in Federal Reserve funds of the United States of Amerira if so requested by the original purchaser, and shall be payable, without deduction for services of the C.ity's paying agent, at the main office of National Cii.y Bank, Cleveland, Ohio, or at the principal office of a bank or trust company reqtiested by the original purchaser of the Not.e, 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 August 27, 1992 and shall mature on December 18, 1992. Section 5. TYie 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 signat.ures may be a facsimile. The Note shal.l 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 this 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 tlie provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section 3 evidencing that sale, cause the Noi:e to be prepared, attd have the Note signed and delivered, togethe.r wi.th a true transcript of proceedings with reference to the issuance of tYie Note 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 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 consummat.e the transactions contemplated by this ordinance. The Director of Finance is aiattiorized, if it is determined to be in the best interest of the City, to combine the Note with one or more other note issues of the City intc a consolidated note issue pursuant to Section 133.30(B) of the Revised Code. Section 7. Ttie proceeds from the sale of the Note, except any premium and accrued interest, shall be paid into the proper fund or funds and