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"Registrar Agreement" means the Bond Registrar Agreement between the City and the
<br />Bond Registrar, as it may be modified from the form on file with the Clerk of Council and executed
<br />by the Director of Finance in accordance with Section 4.
<br />"Rule" means Rule 15c2-12 prescribed by the SEC pursuant to the Securities Exchange
<br />Act of 1934.
<br />"SEC" means the Securities and Exchange Commission.
<br />"SID" means the state information depository, if any, with which filings are required to
<br />be made by the City in accordance with the Rule.
<br />"Specified Events" means the occurrence of any of the following events, within the
<br />meaning of the Rule, with respect to the Bonds, as applicable: principal and interest payment
<br />delinquencies; non-payment related defaults; unscheduled draws on debt service reserves reflecting
<br />financial difficulties; unscheduled draws on credit enhancements reflecting financial diff'iculties;
<br />substitution of credit or liquidity providers, or their failure to perform; adverse tax opinions or events
<br />affectiiig the tax-exempt status of the Bonds; modifications to rights of holders or beneficial owners
<br />of the Bonds; Bond calls; defeasances; release, substitution, or sale of property securing repayment of
<br />the Bonds; and rating changes. The City has not obtained or provided, and does not expect to obtain
<br />or provide, any debt service reserves, and repayment of the Bonds is not secured by a lien on any
<br />property capable of release or sale or for which other property may be substituted.
<br />The captions and headings in this ordinance are solely for convenience of reference and
<br />in no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs,
<br />subparagraphs or clauses hereof. Reference to a Section means a section of this ordinance unless
<br />otherwise indicated.
<br />Section 2. Authorized Principal Amount and Purpose; Application of Proceeds. It is
<br />necessary to issue bonds of this City in the maximum aggregate principal amount of $3,230,000 (the
<br />Bonds) for the purpose of (i) improving Brookpark Road from Lorain Road to Great Northern
<br />Boulevard by grading, draining, widening, constructing and reconstructing curbs and surfacing and
<br />resurfacing; improving North Barton Road from Lorain Road to the northerly corporate limits, in
<br />cooperation with Cuyahoga County, by resurfacing and replacing culverts, where necessary;
<br />improving Cedar Point Road from Columbia Road to the easterly corporate limits, in cooperation
<br />with Cuyahoga County and the Director of Transportation of the State of Ohio, by grading, draining,
<br />curbing, reconstructing the pavement base, surfacing and installing traffic signalization; improving
<br />Westminster Drive, Wellington Drive, Warrington Drive, Huntington Drive, Mitchell Drive,
<br />Broakpark Road Extension, Tudor Drive, Devon Drive, Blossom Boulevazd, Edgepark Boulevard,
<br />Woodpath Drive, Sanders Lane, Marquette Boulevard, Pine Circle, Laurel Lane, Lisa Lane, Lusandra
<br />Circle, Mary Kay Circle, Marcie Lane and Brendan Lane by reconstructing sections of the pavement
<br />base, where necessary; improving Wellesley Avenue, Brookpark Road, Broxbourne Road,
<br />Whitehaven Avenue and North Barton Road between certain termini by preparing the surface and
<br />resurfacing; improving Vincent Drive, Magnolia Drive, Spruce Drive, Byron Drive, Tennyson Drive,
<br />Fielding Drive, Keats Drive, Shelley Drive, Dryden Drive, Lydgate Drive and Defoe Drive by
<br />installing street lighting and underground wiring; and improving Great Northern Boulevard by
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