2006 031 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-31 PAGE 2 "Closing Date" means the date of physical delivery of, and payment of the purchase price for, the Bonds. "Code" means the Internal Revenue Code of 1986, the Regulations (whether temporary or final) under that Code or the statutory predecessor of that Code, and any amendments of, or successor provisions to, the foregoing and any official rulings, announcements, notices, procedures and judicial deternunations regarding any of the foregoing, all as and to the extent applicable. Unless otherwise indicated, reference to a Section of the Code includes any applicable successor section or provision and such applicable Regulations, rulings, announcements, notices, procedures and determinations pertinent to that Section. "Depository" means any securities depository that is a clearing agency under federal law operating and maintaining, with its Participants or otherwise, a book entry system to record ownership of book entry interests in Bonds or the principal of and interest on Bonds, and to effect transfers of Bonds, in book entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York. "Interest Payment Dates" means June 1 and December 1 of each year during which the Bonds are outstanding, commencing on the first such date set forth in the Certificate of Award. "MSRB" means the Municipal Securities Rulemaking Board established by the SEC. "NRMSIR" means each nationally recognized municipal securities information repository designated from time to time by the SEC in accordance with the Rule. "Participant" means any participant contracting with a Depository under a book entry system and includes securities brokers and dealers, banks and trust companies, and clearing corporations. "Principal Payment Dates" means December 1 in each of the years from and including 2007 to and including 2026. "Registrar Agreement" means the Bond Registrar Agreement between the Village and the Bond Registrar, as it may be modified from the form on file with the Clerk of Council and executed by the Mayor, the President of Council and the Director of Finance in accordance with Section 4. "Rule" means Rule 15c2-12 prescribed by the SEC pursuant to the Securities Exchange Act of 1934. "SEC" means the Securities and Exchange Commission. "Serial Bonds" means those Bonds designated as such and maturing on the Principal Payment Dates set forth in the Certificate of Award, bearing interest payable on each Interest Payment Date and not subject to mandatory sinking fund redemption. "SID" means the Ohio Municipal Advisory Council, or any other entity which may be designated as a state information depository for Ohio, with which filings are required to be made by the Village in accordance with the Rule. "Specified Events" means the occurrence of any of the following events with respect to, and to the extent applicable to, the Bonds: principal and interest payment delinquencies; non- payment related defaults; unscheduled draws on debt service reserves reflecting financial difficulties; unscheduled draws on credit enhancements reflecting fmancial difficulties; substitution of credit or liquidity providers, or their failure to perform;, adverse tax opinions or