92-012 Ordinance - Laserfiche WebLink

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- 3 - paid or payment is provided for. If requested by the or.iginal purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different r.ate or rates not to exceed 10% per year from the maturity date unt.il the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes s}iall be determined by the Director of Finance in the certifi.cate 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 Rese.rve funds of the United States of America if so requested by ttie original purchaser, and sliall be payable, without deduction for services of the City's paying agent, at tt?e main office of National City Bank, Cleveland, Ohio, or at the princi.pal offi.ce of a bank or trust company requested by the ori.ginal purchaser of the Notes, provided that such request shall be approved by the Di.rector of Finance after determining that the payment at that bank or trust company wi11 not endanger ttie funds or securities of the City and that proper procedures and safeguards ar.e available for that purpose (the Payirig Agent). Tlie Notes shall be dated the date of issuance and shall mature nine months from ttie date of issuance, provided that the Director of Finance may, if it is determined to be necessary or advisable to the sale of ttie Notes, establish a maturity date that is up to seven days less than nine months from the date of issuance by setting forth that maturity dat.e in tlie certificate of award. If agreed to by the original purchaser, the Notes shall be prepayable without penalty or premium at the option of the City at any time prior to matti.rit.y as provided in ttiis ordinance. Prepayment prior to maturity shall be made by deposit with 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 prepaymecrt shall be exercised by mailing a notice of prepayment, stating the dat:e 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 the original purchaser of the Notes. If money for prepayment is on deposit with the Paying Agent on the specified prepayment date following ttie giving of that notice (unless the requirement of ttiat notice is waived as stated above), interest on ttie principal amount prepaid skiall cease to accrue on the prepayment date, and iipon the request of the Director of Finance tkie 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 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 ttie orig.inal purchaser and approved by the Director of Finance, provided that no Note shall be issued in a denomination less than $100,000 or exchangeable for other Notes in denomina- tion less than $100,000 and that the entire principal amount may be repre- sented by a single note. The Notes shall not have coupons attached, shal:l. be numbered as determined by the Director of Finance and skiall express upon tlieir faces the purpose, in summar.y terms, for which they are issued and that they are issued pursuant to this ordinance.