92-029 Ordinance - Laserfiche WebLink

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- 2 - Notes may provide that, in ttie event the City does not pay or make provision for payment at maturit.y of the debt charges on the Notes, the pri.ncipal amount of the Notes shall bear interest at a different rate or rates not to exceed 10% per year from the maturity date until Y.he City pa.ys or makes provision t.o pay that principal amount. The rai.e or r.ates of interest on the Notes shall be determined by ttie Director of Fi.nance i.n the certificate awarding ttie Notes in accordance with Section 6 of this ordinance. Section 4. The debt char.ges on tfie Notes shall be payable in lawful money of the United States of Amer.ica, or in Federal Reserve funds vf the United States of America if so request:ed by the original purchaser, and shali be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Clevel.and, Ohio, or at t:he principal office of a bank or trust company requested by the original purchaser of the Notes, provided that such request shall be approved by tlie Di_r.ectvr of Finance after determining that the payment at that bank or trust company will not endanger ttie funds or securi.ties oi ttie City and that proper procedur.es and sa£eguards are available for that purpose (t.he Pay.ing Agent). The Notes shall be dated tlie date vf issuance and sliall mature on December 20, 1992. If agreed to by the original purchaser, the Notes shall he prepayabl.e without penalty or premiiam at the option of the City at any ti.me prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit wi.th the Paying Agent of the principal amount of the Notes together with interest accrued thereon to the date of prepayment. The City's right of prepayment shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address of the Paying Agent, by cer.t_ified or registered mail to the original purchaser of the Notes not less ttian seven days prior to t,he date of that deposit, unless that notice is waived by the original purchaser of ttie Notes. If money for prepayment is on deposit wit}1 ttie Paying Agent on the specified prepa.yment date following ttie givi.ng of that. notice (unless the requirement of that notice is waived as stated above), interest on the principal amount prepai.d shall cease to accrtze on the prepayment date, and upon the request of the Director of Finance ttie original purchaser of the Notes shall arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment and surrender and cancellation. Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of the City and in their of.ficial capacities, provided t.hat one of those signatures may be a f.acsimi.le. The Notes shall be issued in the denominations and numbers as requested by the original purchaser and approved by the Director of Finance, provided ttiat no Note shall be issued in a denomination less Lhan $100,000 or exchangeable for other Notes in denomina- tion less than $100,000 and that the entire pr.incipal amount may be repre- sented by a single note. The Notes shall not have coiipons 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. Section 6. The Notes shal.l be sold at not Less than par at private sale by the Director of Finance in accordance witYi law and ttie provisions of th.is 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,