92-033 Ordinance - Laserfiche WebLink

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L - 2 - 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 principal amount. The rate or rates of interest on the Notes sha1.1 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 shaJ.l be payable in lawful money of the United States of America, or in Federal Reserve funds of ttie United States of America if so requested by ttie origi.nal purchaser, and sha11 be payable, without deduction for services of ttie City's paying agent, at ttie main office of National City Bank, Cl.eveland, Otiio, or at tlie principal off:ice of a Uank or trust company requested by the original purchaser of ttie Nates, provided that such request shall be approved by ttie liirector of Finance after determining that the payment at that bank or tr.ust company wi.11 not endanger the funds or securities of the City and that proper procedures and safeguards are available for ttiat purpose (the Paying Agent). Tlie Notes shall be dated the date of issuance and shall mature on December 20, 1992. If agreed to by ttie original purchaser, the Notes shall be prepayable witfiout penalt:y or premium at the option of the City at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shali be made by deposit wii.h the Paying Agent of the principal amount of the Notes t.ogether witti interest accrued thereon to the date of prepayment. The City's right of prepayment shali be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address of the Paying Agent, by certified or registered mail to the original purchaser of the Notes not less than seven days prior to the date of that deposit, unless that notice is waived by t}ie original purchaser of the Notes. If money for prepayment is on deposit wi.Ch the Paying Agent on the specified prepayment date following ttie givi.ng of ttiat notice (unless the requirement of that notice is waived as st.ated above), interest on ttie principal amount prepaid stiall cease to accrue on the prepayment date, and upon the request of ttie Director of Finance ttie original purchaser of the Notes shall arrange for the delivery of Y.he Notes at the designai.ed office of the Paying Agent for prepayment and surrender and cancellation. Section 5. The Notes shall be signed by ttie Mayor and Director of Finance, in the name of the City and in ttieir official capacities, provided that one of those signatures may be a facsimile. The Notes shali be issued in the denominations and numbers as requested by ttie original purctlaser and approved by the Director of Finance, provided that no Note shall be issiied in a denomination less than $100,000 or exchangeable for ot:her Notes in denomina- tion less than $100,000 and that the entire principal amount may be repre- sented by a single note. The Notes sha11 not have coupons attached, shal.l 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. The Notes shall be sold at not less than par at private sale by the Director of Finance in accordance with law and the provisi.ons of this ordinance. The Director of Finance stiall sign Y.he certific:ate of award referred to in Section 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of