2026-026 Ordinance - Laserfiche WebLink

Home Browse Search

park and recreational facilities, together with all necessary appurtenances thereto, and clearing, equipping and improving the sites thereof. Section 2. Estimated Bond Terms. The Bonds shall be dated approximately June 1, 2027, shall bear interest at the now estimated rate of 6.5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in 26 annual principal installments that are substantially equal. The first principal installment of the Bonds is estimated to be payable on December 1, 2028, and the first interest installment on the Bonds is estimated to be payable on December 1, 2027. Section 3. Authorized Principal Amount of Notes; Dating; Interest Rate; Prepayment. It is necessary to issue and this Council determines that notes in an aggregate principal amount 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 funds available to the City, the Outstanding Notes. 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 he 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 any date not later than one year from the date of their issuance. The Notes shall bear interest at a rate not to exceed 6.0% per year (computed on the basis of a 360-day year consisting of 12 30-day months), payable at maturity, or at any date of earlier prepayment as provided for below, 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. If agreed to by the Original Purchaser, the Notes shall be prepayable without penalty or premium at the option of the City on any date that is on or after six months following the date of issuance of the Notes, or on or after a date designated by the Director of Finance in the Certificate of Award (the Prepayment Date). 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 Prepayment Date. The City's right of prepayment shall be exercised by delivering a notice of prepayment, stating the Prepayment Date and the name and address of the Paying Agent, to the Original Purchaser and to the Paying Agent not less than seven days prior to the Prepayment Date, unless 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 (unless the requirement of that notice is waived as stated above), 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 of the Notes shall arrange for the delivery of the Notes at the designated office of the Paying Agent for prepayment, surrender and cancellation. Section 4. Payment of Debt Charges; Paying Agent. 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, or at the designated corporate trust office of Argent Institutional Trust Company, Cincinnati, Ohio, 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; or -2-