2006 033 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-33 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 $1,000,000 FOR THE PURPOSE OF IMPROVING THE NATURE TRAIL SYSTEM OF THE VILLAGE BY CONSTRUCTING AN UNDERPASS 1N HIGHLAND ROAD 1N A CERTAIN DESIGNATED LOCATION, 1NCLUDING A CONCRETE BOX CULVERT, HEADWALLS AND WINGWALLS, STORM SEWERS AND LOWERING A WATER MAIN, 1NSTALLING 1NTERIOR AND EXTERIOR LIGHTING, CONSTRUCTING AN ASPHALT PATH ON PROPERTY OWNED BY THE VILLAGE BETWEEN CERTAIN TERMINI, REPLACING PAVEMENT WHERE NECESSARY, 1NSTALLING CATCH BASINS AND MANHOLES, IMPROVING THE SITE THEREOF AND OTHERWISE IMPROVING THE SAME, ALL TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, 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" or "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