92-095 Ordinance - Laserfiche WebLink

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. . _. .»?.,.?P . . , . d .?,....?.,. . .. ........ . ...-.-........-,... t . - 2 - Section 1. aggregate principal providing funds to p Civi.l Action Number Northern District of related thereto. It is necessary to issue amount of $200,000 (the ay costs of tlie judgment C82-3089 in the United S Ohio, Eastern Division, and bonds of this City in the Bonds) for the purpose of rendered against the City in tates District Court for the losses, damages and expenses Section 2. Ttie Bonds shall be dated approximately December 1, 1992, sliall bear interest at the now est.imated rate of 8% per year, payable semi- anni.ially tintil the principal amvunt is paid, and are estimated to mature in twenty annual principal installments that are substant.ially equal. The first principal installment is estimated to be December 1, 1993. 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 Outstanding Notes. The Notes shall bear interest at a rate or rates not to exr_eed 7% per year (computed on a 360-day per year basis), payable at maturity and until t.he pri.ncipal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in Y.he event the City does not pay or make provision for payment at maturity of the debt charges 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 princi.pal amvunt. The rate or rates of interest on the Notes shal.l 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 char.ges on the Notes shal.l be payable in lawful money of t.he United States of America, or in Federal Reserve funds of the United Stai;es 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 Nati.onal 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 Director of Finance after deter.mining that the payment at that bank or trust company will not endanger tlie funds or secur.ities of the City and that proper procedures and safeguards are avai.lable for that. purpose (the Paying Agent). The Notes shall be dated August 27, 1992 and shall mature on December 18, 1992. Section 5. The Nates stiall 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 signatu.res 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 represent.ed by a single note. In addition, the Notes may be issued (i) in the denomination of $100,000 each or (i.i) in any denomination that is the sum of $100,000 and $5,000 or any whole multiple ttiereof, and are not exchangeable for other Notes in denominations less than $100,000. The Notes shall not Yiave coupons attached, shali be numbered as determined by tYie 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.