2025-030 Ordinance - Laserfiche WebLink

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Saxon 3. Aufforizell Principal Arreating ofN D ' err:interest Rate pycernown, It is necessary an issue and this Council determines that notes in an aggregate principal meant not to teed $625,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and m retire, together with other funds available to the City, the Ouaanding Notes. The Notes shall be dazed the date of their issuance, end shall manna one year from the dare of then issuance; provided that the Director of Finance may, if she determines it in be necessary or advisable in connection with the side of the Notes, establish in the co ificate awarding the Notes in accordance with Saxon 6 ofthis OrMrance (the Certificate of Award) a maturity date for the Notes that is any dare not lacer that one year from the date of their issuance. The Notes shall bear interest at a rate not to exceed 6.0^u per yea (computed on Me basis of 360day year consisting of 12 30-day months), payable at maturity, or in my date of earlier prepaymevrt as Invented for below, and until the principal amount is Fend or payment is provided for. Subject to the limitations sat forth in this Section and Section 1, the aggregate principal amount of the Notes in be issued being the amount detemuned 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 aural specified by the Director of Finance in the Certificate ofAwat. If agreed to by the Original Purchaser, the Notes shall be prepayable withom penalty, or Premium a the option of the City on any date that is on or after six mon lts following the date of issuance ofNe Notes, or on or after a date designated by the Director of Finance in the Ceroficate of Award (the Pregayman Dore). Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal amount of the Notes together with interest acemed thereon m the Prepayment Date. The City's right of prepayment shall be ter mired by delivering a notice of prepayment, slating the Prepayment Doe and the name and address of the Paying Agent, m the Onginai Purchases and to the Paying Agent not less than seven days prior in the Prepayment Date, notes that notice is waived by the Original) Purchaser and the Paying Agent. If money for prepayment is on deposit with the Paying Agent on the Prepayment Date following the giving of Mat notice (unless the requinment of day: notice is waived as stated above), interest on the principal smon prepaid shed! ceaseto amue on the Prepayment Date, and Won the reco era of the Director of Finance the Original Purchaser of the Notes shall artsnge for the delivery of the Notes a the designed office of the Paying Agent fan prepayment, surrender and cancellation. Section 4. Payment of Debt Chomese Paying Agent. The debt charges on the Noes shell be payable in Federal Reserve foods of the United Stares ofAnarice, without deduction far services of the City's paying agent, a the designated corporate trust office of The Huntington National Bahr, Cincinnati, Ohio, or at the designated office of another bank on most company regaesced by the Original Probaser of the Notes, provided that such request shall he approved by the Effector of Finance after determining that Me payment at that bank or trust company will not endanger the hands of securities of the City and that proper procedures and safeguards are available for that purpose; or at the office of the Director of Finance if agreed m by the Director of Finance and the Original Purchaser (the Paying Agent). The Director of Finance is aalmrized to enter into my agreements decemtined necessary in connection with obtaining the services of paying agent for the Notes, after decorating that the signing thereof will not endanger the foods or securities of the City. Section 5. Execution of Notes Book Entry System. The Notes shall be signed by the Mayor and Director ofFinatce, in the name ofthe City and in their official capacities, provided that &a