92-092 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 amouYit of $1,200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire ttie 1992 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 uiitil the principal amotint is paid or payment is provided for. If requested by the original ptjrchaser, 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 di.fferent rate or rates not to exceed 10% per year f.rom the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest. on tYie Notes shall be determi.ned 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 payable in lawful money of the United States of America, or in Federal Reserve funds of the Uni.ted Stat.es of America if so requested by the origi.nai purchaser, and sliall be payahle, wiihout dediiction 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 reyuested by the original purchaser of the Notes, provided that such recluest shall be approved by tYie Direc:tor of Finance after determining t.hat the payment at that bank or trust company will not endanger the funds or securities of the City and t.hat proper procedur.es and safegiiards 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 he signed by the Mayor and Director of Finance, in the name of the City and in their officiai capacities, provided ttiat one of those signatures may be a facsimile. The Notes shall be issued in the denom.inat.ions 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 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 multiple thereof, and are not exchangeable for other Notes in denominations less than $100,000. The Notes stiall not tiave coupons attactied, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary terms, for whicli they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes sYiall be sold at not less than par at private sale by the Director of Finance in accordance with law and the provisions of tYiis ordinance. The Director of Finance shall sign the certificate of award referred t,o in Section 3 evidencing that sale, cause the Notes to be prepared, and have t.he Notes signed and delivered, together with a true transcript of proceedi.ngs with reference to the issuance of the Notes if requested by t.Yie original purckiaser, 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 instru- ments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. The Director of Finance is , ,,. ., ? . ,..