2025-032 Ordinance - Laserfiche WebLink

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Section 3. Amhori ed Princitral Amount of N Da � Interest Mac Prepayment It is necessary to issue and this Council detemines that notes in an aggregate principal amount not to exceed $3,600,000 (the Notes) shall be issued in anticipation of the issuance of the Bond and an retire, together with other bass available to the City, the Outstanding Notes. The Notes shall be dated the date of their issuance, and "I mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to he necessary or advisable in correction with the We of the Notes, establish in the cerrificate awarding the Notes in accordance with Section 6 of this Ordinance (the Certificate of Award) a maturity dude for the Notes that is any date not lacer than one year from the data of then issuance. The Notes shall beer interest a a rate not m exceed 6.Oa/e per year (computed on the basis of 360-0ay year consisting of 12 30-day months), payable at maturity, or a my date of earlier prepayment as provided for below, and aril the principal meant 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 m be issued, being the amount determined by the Director of Finance to he necessary for the purpose described in Section 1, and the rate of interest the Notes shall bear, shall N established and specified by the Director of Finmce in the Certificate of Award. If agreed to by the Original Purchaser, the Notes shall he prepayable without penalty or premium at the option of the City on any date thus is on or after sic months following the date of issuance of the Nudes, or on in after a dace designated by the Director of Finance in the Certificate of Award (the Pepaymern Date). Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal amoam of the Notes together with interest seemed thereon to the Prepayment Dote. The City's right of prepayment shall be exercised by delivering a notice of Prepayment, sorting the Prepayment Date and the more and address of the Paying Agent, to the Original Purchaser and to the Paying Agent not less than seven days prior 0 the Prepayment Date, uNess 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 that notice Wass the requirement of flout notice is waived as stated above), interest on the principal meant prepaid shall cease to accrue on the Prepayment Dude, and upon the request of the Director of Finance the Original Purchaser of the Notes shall arrange for the delivery of the Notes at the designed office of the Paying Agent for prepayment, surrender and cancellation. Section 4. Payment of Debt Charees Paying Amm. The debt charges on the Notes shall be payable in Federal Reserve fads of the United States of America, withmv deduction for services of the City's paying agent, at the designed caricature tmst office of The Harrington National Bank, Ciraimari, Ohio, or a the dominated office of another bank or cost company requested by the Origin Purchaser of the Notes, provided that such request shsl be approved by the Director of Panama after determining door the Payment m that beak or cost company will nor endanger the funds or secumies of the City and Out proper procedures and safeguards are available fin that Purpose; or at the office of the Director of Finance if agreed to by the Director of Finance and the Original Purchaser (the Paying Agent). The Director of Finance is authorized to enter into my agreements determined necessary in connection with obtaining the services of paying agen for the Notes, after determwdng that the siyting thereof will not endanger the fund or securities of the City. Serum 5. Execution of Notes Book a" System. The Notes shall be signed by the Mayor and Director of Finance, in the name of the City and in then official capacities, provided that -2-