92-096 Ordinance - Laserfiche WebLink

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,, - 2 - Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the 1991 Notes. The Notes 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 reqtzested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt ctiarges on the Notes, the principal amount of the Notes 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 amotint. The rate or rates of interest on the Notes sha.ll be determined by the Director of Finance in the certificate awarding tYie Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges 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, wi.thoiit 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 Notes, provided that such request shall be approved by the Uirector of Finance after determining ttiat the payment at that bank or t.rust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Payi.ng Agent). The Notes shall be dated August 27, 1992 and shall mature on December 18, 1992. Section 5. The Notes shall be signed by the Mayor and Director of rinance, in the name of the City and in tYieir offic:ial capacities, provided that one of those signatures 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 the entire principal amount may be represented by a single note. In additivn, the Notes may be issued (i) in the denomination of $100,000 each or (ii) in any denomination that is the sum of $100,000 and $5,000 or any whole multiple thereof, and are not exchangeable for other Notes in denominations less than $100,000. The Not.es shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall 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 sha11 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. Ttie Director of Finance sliall sign the certificate of award referred to in Section 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original ptirchaser upon payment of the purchase price. The Mayor, the Director of Finance, the Clerk of Council and ot.her City officials, as appropriate, are each authorized and directed to sign any transcr.ipt certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate ttie transactions contemplated by this ordinance. The Director of