2006 033 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-33 PAGE 3 "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 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 the Certificate of Award, bearing interest payable on each Interest Payment Date and subject to mandatory sinking fund redemption. The captions and headings in this ordinance are solely for convenience of reference and in no way define, limit or describe the paragraphs, subparagraphs or clauses hereof. ordinance unless otherwise indicated. scope or intent of any Sections, subsections, Reference to a Section means a section of this Section 2. Authorized Principal Amount and Putpose. It is necessary to issue bonds of this Village in a maximum aggregate principal amount of $1,000,000 (the Bonds) for the purpose of improving the nature trail system of the Village by constructing an underpass in Highland Road, approximately 825 feet west of SOM Center Road,. including a concrete box culvert, headwalls and wingwalls, storm sewers and lowering a water mam, installing interior and exterior lighting, constructing approximately 800 feet of a 10-foot wide asphalt path on property owned by the Village between certain termini as shown on the plans and specifications for that improvement, replacing pavement where necessary, installing catch basins and manholes, improving the site thereof and otherwise improving the same, all together with the necessary appurtenances thereto. This Council has determined that notes shall not be issued in anticipation of the Bonds. 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• Dating• Principal and Interest Payment and Redemption Provisions. The Bonds shall be designated as "Nature Trail System Improvement Bonds", or such other designation as set forth in the Certificate of Award, and sha11 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.