92-094 Ordinance - Laserfiche WebLink

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1?, - 2 - Section 2. The Bonds shall be dated approximately December 1, 1992, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mat.ure in twenty annual principal installments tkiat are substantially equal. Ttie first principal installment is estimated to be December 1, 1993. Section 3. It is necessary to issue and this Counc.i.l det.ermines that notes in the aggregate principal amount of $340,000 (tYie Notes) stiall be issued in anticipation of the issuance of the Bonds and to retire t.he 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 pr.incipal amount is paid or payment is provided for. If_ requested by the original purchaser, the Notes may provide that, in the event ttie City does not pay or make provision for payment at mattirity 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 t.hat principal amount. The rate or rates of interest on the Notes shall 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 charges on the Notes shall be payabie in lawful money of ttie United States of America, or in Federal Reserve funds of the United States of America if so reqtiested by the original purchaser, and shall be payable, withotit deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the pr.incipal 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 determining that ttie payment at that bank or trust company will not endanger the fuiids or securities of the City and that proper procedures and saf.eguards are available for that purpose (the Paying Agent). The Notes shall be dated August 27, 1992 and shall mature on December 18, 1992. Section 5. The Notes shall be signed by i;he Mayor and Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile. The Notes shail be issued in the denominations and numbei-s as requested by the original. purchaser and approved by the Director of Finance, provided ttiat the entire principal amount may be represented by a single note. In addition, the Notes may be issued (i) in ttie denomination of $100,000 each or (ii) in any denominai;ion 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 Notes 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. Tlie Notes 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 evidenci.ng that sale, cause t.he 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 ttie