92-032 Ordinance - Laserfiche WebLink

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- 2 - Notes. The Notes shall bear interest at a rat.e or rat.es not to exceed 7% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount i_s paid or payment is provided for. If reyuest.ed by the original purchaser, ttie Notes may provide that, in the event ttie City does not pay or make provision for payment at maturity of the debt cliarges on the Notes, tlie 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. Tlie rate or rates of interest on the Notes stiall be determiiied by ttie Director of Finance in the certificate awardi.ng the Notes in accordance with Section 6 of tliis ordinance. Section 4. The debt charges on ttie Not.es sliall be payable in la.wful money of the United States of America, or in. Federal Reserve funds of ttie United States of America if so reyuested by ttie original purc}iaser, arid shall be payable, without deduction for ser.vices of the City's paying agent, at t.he main office of National City Bank, Cleveland, Ohio, or at the }>rinci.pal office of a bank or trust company requested by ttie original purchaser of ttie Notes, provided that such request stiall be approved by the Director of Finance aLter determining that the payment at that bank or trust company will noi: endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Notes shal.l be dated the date of issuance and shall mature on December 20, 1992. If agreed to by the original purchaser, the Notes shall be prepayable witliout penalty or premium at the option of the City at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principai amount of the Notes together witti interest accrued thereon to the date of prepayment. The City's right of_ prepayment shall be exercised by mailing a notice of prepayment, stating ttie dat.e of prepayment and the name and address of the Paying Agent, by certified or registered mail to the original pl.irchaser of the Notes not less than seven days prior to the date of that deposit, unless that notice is waived by the original purchaser of the Notes. If money for prepayment as on deposit witki the Paying Agent on the specified prepayment date following ttie giving of t=Yiat notice (unless the requirement of that notice is waived as stal.ed above), in- terest on the principal amount prepaid shall cease to accrue on tlie prepayment date, and upon the request of the Director of Finance the original purchaser of the Notes shall arrange for the delivery of the Notes at the desi.gnated 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 their official capacities, provided that one of those signatures may be a facsimile. The Notes shall be issued in the denominations and numbers as requested by the original purchaser and approved by the Director of Finance, provi.ded that no Note shall be issued in a denomination less than $100,000 or exchangeable for otkier Notes i.n denomina- tion less than $100,000 and that the entire principal amount may be repre- sented by a single note. The Notes shall iiot have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon ttieir faces the purpose, in summary terms, for which they are issued and that they are issued pursuant to this ordinance.