92-093 Ordinance - Laserfiche WebLink

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? • ?.., ,+?,. - 2 - 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 requested 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 charges on the Notes, the principal amount of ttie Notes shall bear interest at a di.f.ferent 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 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 cliarges 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 shal.l be payable, without deduction for services of the City's paying agent, at the main office of Natioiial City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the originai purchaser of the Notes, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will not endanger the funds or securities of the City and that proper procedures and safeguards are availabl.e 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 the Mayor and Director of F'inance, in the name of the City and in their official capac.ities, provided that one of those signatures may be a facsimile. The Notes shall be issued in the denominat.ions and numbers as requested by the ori.ginal purchasex- and approved by the D:irector of Finance, provided that the entire principal amount may be represented by a single note. In addition, 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 multipl.e thereof, and are not exchangeabie 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. Secti.on 6. The 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 t.his ordinance. The Director of Finance shall 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 wit.h a true transcript of proceedings with reference to the issuance of the Notes 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 transcr.ipt 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 F'inance is authorized, if it is determined to be in the best int.erest of the City, to combine the issue of Notes with one or more otYier note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code.