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CITY OF NORTH OLMSTED <br />ORDINANCE_NO. 2000-110 <br />BY: Councilmember McKay <br />AN ORDINANCE AMENDING SECTION5 1 AND 3 OF ORDINANCE NO. 2000- <br />90 TO PROVIDE FOR THE ISSUANCE AND 5ALE OF BONDS THAT WILL <br />MATURE OVER A PERIOD OF TEN YEARS, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, on 7uly 18, 2000, this Council passed Ordinance No. 2000-90 authorizing <br />the issuance and sale of bonds of this City in a maacimum aggregate principal amount of $160,000 <br />for the purpose of constructing, furnishing, equipping and otherwise improving an addition to the <br />City's police station and preparing and improving the site thereof and to retire certain outstanding <br />notes, and providing for those bonds to mature over a period of twenty years, commencing in 2001; <br />and <br />WHEREAS, this Council finds and determines that it necessary and appropriate to <br />amend that Ordinance to provide for those bonds to mature over a period of ten years, commencing <br />in 2001; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio, that: <br />Section 1. Amendment of Section l. Section 1 of Ordinance No. 2000-90, passed on July <br />18, 2000, is hereby amended to read as follows: <br />Section 1. Definitions and Interpretations. In addition to the words and terms <br />elsewhere defined in this ordinance, unless the context or use clearly indicates another <br />or different meaning or intent: <br />"Annual Information" means annual financial information and operating data of <br />the type to be specified in the Continuing Disclosure Certificate in accordance with the <br />Rule. <br />"Authorized Denominations" means (a) with respect to Capital Appreciation <br />Bonds, if any, the denomination equal to the principal amount that, when interest is <br />accrued and compounded thereon at the applicable compounding interest rate on each <br />Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity <br />Amount of $5,000 or any integral multiple thereof and (b) with respect to Current <br />Interest Bonds, the denomination of $5,000 or any integral multiple thereof. <br />"Bond proceedings" means, collectively, this ordinance, the Certificate of <br />Award, the Continuing Disclosure Certificate and such other proceedings of the City, <br />including the Bonds, that provide collectively for, among other things, the rights of <br />holders and beneficial owners of the Bonds.