92-097 Ordinance - Laserfiche WebLink

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. • , ?.-.? - 2 - Section 3. It is necessary to issue and this Council determines that a note in the principal amount of $100,000 (the Note) 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 the originai 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, the principal amount of the Note shall bear interest at a different rate or rates not to exceed 10% 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 Note shall be determined by t.he 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 t.rust company requested by the original purchaser of the Note, provided t.hat such request shal.l be approved by the Di.rector of Finance after determining that the payment at that bank or trust company will not endanger the funds or securities of i;he 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. The Note shall be signed by the Mayor and Director of Finance, in the name of the City and in tlieir 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 coi.ipons attached, shall be numbered as determined by the Director of Finance and shal.l 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 the provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section 3 evidencing that sale, cause ttie Note to be prepared, and have the Note signed and delivered, toget:her with a true transcript of proceedings with reference to ttie issuance of the 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 consummate the transactions contemplated by this ordinance. The Director 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. 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