2025-031 Ordinance - Laserfiche WebLink

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Swim 2. Fstltnated Bond Terns. The Bonds shall be detN approximately June 1, 2026, shall bear interest at the now estimated rate of 6.5% per year, payable semiaunually aril the principal ensurer is paid, and are estimated to mature in 26 annual principal installments Mat are substantially equal. The first principal installment of die Bolls is estimated to be payable on December 1, 2027, and the first interest incsllmew on the Bonds is estimated to be payable on December 1, 2026. Section 3. Authorised Principal Amount of Notes Dooms, Interest Rate P . It is necessary to issue and this Council determines that rates in an aggregate principal moment not to exceed $6,150,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other fords available to the City, the Outstanding Notes. The Notes shall be dated the date of them issmcee, and shall m tune one year from the date of their issuance; provided that the Dire or of Finance may, if she determines it to be necessary or advisable in connection with the sale ofthee Nolea establish in the certificate awarding the Notes in accordance with Section 6 ofthis Ordinance (the Certificate of Award) a maturity date for the Notes that is any dote rat later Oran me year from the date of their issuaace. The Notes shall bear interest at a rate or to exceed 6.0 o per year(compared on the basis of 360-0ay year consisting of 12 30-* more is), payable at maturity, or at any date of earlier prepayment an provided for below, all until the principal amount is paid or payment is providN for. Subject to the limitations tat fodh 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 bean, shall be established and specified by the Director of Finance in the Certificate of Award. If agreed to by the Origirul Purees er, the Notes shall he prepayable without Faulty or premium at the option of the City on any date that is on or after six months following the date of issuance ofthe Notes, or on or after date designated by the Director ofPirance in the Certificate of Award (the Prepayment Date). Prepayment prior to maturity shall be trade by deposit with the Paying Agent of the principal amount of the Notes together with interest seemed thereon to the Prepayment bete. The City's fight of prepayment shall be exercised by delivering a notice of prepayment, sharing the Prepayment Date and doe name and address of the Paying Agent, to the Onginal Purchaser all to the Paying Agent not less than seven days prior to the Prepayment Daze, Mess that notice is waived by the Origir d Purchaser and the Paying Agent If money for p e sayment is on deposit with the Paying Agent on the prepayment Date following the giving of that notice (unless the requirement of that notice is waived as stated above), interest on the principal amowl prepaid shag cease to wenue on the Prepayment Date, all upon the request of the Director of Furnace the Original Purchaser of the Notes shall attange for the delivery, of the Notes at die designated office of the Paying Agent for prepayment, surrender and cancellation. Section 4. Payment of Debt Charges Payne Agent. The debt charges on the Notes shallbe Payable in Federal Reserve funds of the United States of America, without deduction for services of the City's paying agent, or the designated corporate host office of The Huntington National Bank, Cincinnati, Ohio, at the designated office of aiwther bank or trust company requested by tbe Original Purchasr of the Note; provided that such request shall be approved by the Director of Finance after detem " ig that the payment at Oa[ bank or must company will not endanger the fends or secun ies of the City and that proper procedures and safeguards are available for that purpose; or at the office of the Direcmr of Finance if agreed to by the Dvector of Finance and the -2-