2006 032 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-32 PAGE 3 "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 Borids: principal and interest payment delinquencies; non- payment related defaults; unscheduled draws on debt service reserves reflecting financial difFicult'ies; unscheduled draws on credit enhancements reflecting financial difficulties; substitution of credit or liquidity providers, or their failure to perform; adverse tax opinions or events affecting the tax-exempt status of the Bonds; modifications to rights of holders or beneficial owners; Bond calls; defeasances; release, substitution, or sale of property securing repayment of the Bonds; and rating changes. "Term Bonds" means those Bonds designated as such and maturing on the Principal Payment Date or Dates set forth in tlie Certificate of Award, bearing interest payable on each Interest Payment Date and subject to mandatory sinking fund redemption. The captions and headings in this ardinance are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Puipose. It is necessary to issue bonds of this Village in a maximum aggregate principal amount of $1,890,000 (the Bonds) for the purpose of refunding at a lower interest cost the Refunded Bonds which were issued to pay costs of constructing, furnishing and equipping a new fire station. Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or determination in the Certificate of Award upon the finalization of the terms and provisions of the Bonds. Section 3. Denominations; Datin Principal and Interest Pavment and Redemption Provisions. The Bonds sha11 be designated as "Fire Station Refunding Bonds", or such other designation as set forth in the Certificate of Award, and shall be issued in one lot and only as fully registered bonds, in the Authorized Denominations, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The Bonds shall be dated as of their date of issuance, or such other date not later than December 1, 2006, as is established by the Director of Finance in the Certificate of Award.