Ordinance 2014-97 - Laserfiche WebLink

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reconstructing curbs and curb ramps and adjusting catch basins, manholes and utility valve and monument boxes, where necessary, preparing the surface and resurfacing, in each case together with necessary appurtenances and work incidental thereto. Section 2. The Bonds shall be dated approximately January 1, 2016, shall bear interest at the now estimated rate of 3% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2016, and the first interest installment on the Bonds is estimated to be payable on June 1, 2016. Section 3. It is necessary to issue and this Council determines that notes in an aggregate principal amount not to exceed $1,270,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accordance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to thirty days earlier than one year from the date of their issuance. The Notes shall bear interest at a rate not to exceed 3% per year (computed on the basis of a 360 -day year consisting of twelve 30 -day months), payable at maturity or at any date of earlier prepayment as provided for in Section 4 and until the principal amount is paid or payment is provided for. Subject to the limitations set forth in this Section and Section 1, the aggregate principal amount of the Notes to be issued, being the amount determined by the Director of Finance to be necessary for the purpose described in Section 1, and the rate of interest the Notes shall bear, shall be established and specified by the Director of Finance in the Certificate of Award. Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agent, at the principal corporate trust office of The Huntington National Bank, Columbus, Ohio, or at the designated office of another bank or trust company requested by the original purchaser of the Notes, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Director of Finance is authorized to enter into any agreements determined necessary in connection with obtaining the services of a paying agent for the Notes, after determining that the signing thereof will not endanger the funds or securities of the City. If agreed to by the Original Purchaser (as defined in Section 6), the Notes shall be prepayable without penalty or premium at the option of the City on or after a date to be determined by the Director of Finance in the Certificate of Award as provided in this 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 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 certified or registered mail to the Original Purchaser and to the Paying Agent not less than seven days prior to the date of prepayment. If money for prepayment is on deposit with the Paying Agent on the specified prepayment date following the giving of that notice, interest on the principal amount prepaid shall cease to accrue on the prepayment date, and upon the request of the Director of Finance, the Original Purchaser shall -2-