92-098 Ordinance - Laserfiche WebLink

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- 2 - Note shall bear interest at a rate or rates not to exceed 7% per year (comptited 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 the original purchaser, the Note may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Note, ttie principal amount of the Note shall bear interest at a different rate or rates not to exceed 10% per year f.r.om the maturity date until the City pays or makes provision to pay that principal amotint. The rate or rates of interest on the Note shall be dete.rmined 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 Ameri.ca if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the main off.ice 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 t.hat such request shall be approved by the Director of Finance after determining ttiat the payment at that bank or trust company will not endanger the funds or securities of the City and ttiat 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. The Note shall be signed by the Mayor and Di.rector of Finance, in the name of the City and in tYieir official capacities, provided ttiat one of those signatures may be a facsi.mile. The Note shall not be exchangeable for ottier Notes. The Note shall not have coupons at:tached, shall be ntimbered as determined by the Director of Finance and shall expr.ess 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 the provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section 3 evidencing that sal.e, 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 pri.ce. The Mayor, the Director of Fin.ance, the Clerk of Council and other City of.fici.als, as appropriate, are each authorized and directed to sign any transc:ript certificates, financial statements and other documents and instruments aiid to take such actions as are necessary or appropriate to consummate ttie transactions contemplated by this ordinance. The Directo.r of Finance is authorized, 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 into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code. SecY.ion 7. The proceeds from tYie sale of the Note, except any premi.um and accrued interest, sha11 be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for wtiich the Note is being issued. Any porti.on of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund.