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<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $1,250,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire, together
<br />with other funds available to the City, the 1991 Notes. The Notes shall bear
<br />interest at a rate or rates not to exceed 7% per year (computed on a 360-day
<br />per year basis), payable at maturity and until the principal amount is paid or
<br />payment is provided for. If requested by the original purchaser, the Notes
<br />may provide that, in the event the City does not pay or make provision for
<br />payment at maturity of the debt charges on the Notes, the principal amount of
<br />the Not.es shall bear interest at a different rate or rates not to exceed 10%
<br />per year from the maturity date until the City pays or makes provision to pay
<br />that principal amount. The rate or rates of interest on the Not.es shall be
<br />determined by the Director of F9.nance in the certificate awarding the Notes in
<br />accordance with Section 6 of ttiis ordinance.
<br />Section 4. Ttie debt charges on the Notes shall be payable in lawful
<br />money of the United States of America, or in Federal Reserve funds of the
<br />United States of America if so requested by the original purcYiaser, and shall
<br />be payable, without deduction for services of the City's paying agent, at the
<br />main office of National City Bank, Cleveland, Ohio, or at the principal of.fice
<br />of a bank or trust company requested by the original purchaser of the Notes,
<br />provided that such request shall be approved by the Director of Finance after
<br />determining that the payment at that bank or trust company will not endanger
<br />the funds or securities of the City and that proper procedures and safeguards
<br />are available fvr that purpose (the Paying Agent). The Notes shall be dated
<br />August 27, 1992 aiid sha11 mature on December 18, 1992.
<br />Section 5. Ttie Notes shall be signed by the Mayor and Director of
<br />Finance, in the name of the City and in their official capacities, provided
<br />that one of t.hose signatures may be a facsimile. The Notes sha11 be issued in
<br />the denominations and numbers as requested by the original purchaser and
<br />approved by the Director of Finance, provided that the entire principal amount
<br />may be represented by a single note. In addition, the Notes may be issued (i)
<br />iri the denomination of $100,000 each or (ii) in any denomination that is the
<br />sum of $100,000 and $5,000 or any whole multiple tYiereof, and are not
<br />excliangeable for other Notes in denominations less than $100,000. The Notes
<br />shall not have coupons attached, shall be numbered as determi.ned by the
<br />Director of Finance and shali express upon their faces the purpose, in summary
<br />terms, for which they are issued and that ttiey are issued pursuant to this
<br />ordinance.
<br />Section 6. The Notes shall be sold at not less than par at private
<br />sale by the DirecY.or of Finance in accordance witti law and the provisions of
<br />this ordinance. The Director of Finance shall sign the certificate of award
<br />referred to in Section 3 evidencing that sale, cause the Notes to be prepared,
<br />and have the Notes signed and deliver.ed, togetlier with a true transcript of
<br />proceedings with reference to t.he issuance of the Notes if requested by the
<br />original purchaser, to the original purchaser upon payment of the pt.lrchase
<br />price. The Mayor, the Director of Finance, the Clerk of Council and other
<br />City officials, as appropriate, are each authorized and directed to sign any
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