2006 031 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-31 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF BONDS 1N THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $4,500,000 FOR THE PURPOSE OF CONSTRUCTING, EQUIPPING, FURNISHING, IMPROVING THE SITE OF, AND OTHERWISE IMPROVING A NEW POLICE STATION, AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance, as fiscal officer of this Village, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 2 is at least five years and the maximum maturity of the bonds described in Section 2 is at least twenty years; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretations. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means the denomination of $5,000 or any integral multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award and such other proceedings of the Village, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds. "Bond Register" means all books and records necessary for the registration, exchange and transfer of Bonds as provided in Section 5. `Bond Registrar" means The Huntington National Bank, Columbus, Ohio, as the initial authenticating agent, bond registrar, transfer agent and paying agent for the Bonds under the Registrar Agreement and until a successor Bond Registrar shall have become such pursuant to the provisions of the Registrar Agreement and, thereafter, "Bond Registrar" shall mean the successor Bond Registrar. "Book entry form" ar"book entry system" means a form or system under which (a) the ownership of book entry interests in Bonds and the principal of and interest on Bonds may be transferred only through a book entry, and (b) physical Bond certificates in fully registered form are issued by the Village only to a Depository or its nominee as registered owner, with the Bonds deposited with and maintained in the custody of the Depository or its agent. The book entry maintained by others than the Village is the record that identifies the owners of book entry interests in those .Bonds and that principal and interest. "Certificate of Award" means the certificate authorized by subsection (a) of Section 6, to be executed by the Director of Finance, setting forth and determining those terms or other matters pertaining to the Bonds and their issuance, sale and delivery as this ordinance requires or authorizes to be set forth or determined therein.