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99-092 Ordinance
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99-092 Ordinance
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1/9/2014 4:15:20 PM
Creation date
12/27/2013 6:30:29 AM
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North Olmsted Legislation
Legislation Number
99-092
Legislation Date
9/7/1999
Year
1999
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<br />"Participant" means any participant contracting with a Depository under a book entry <br />system and includes security brokers and dealers, banks and trust companies, and clearing <br />corporations. <br />The Notes may be issued to a Depository for use in a book entry system and, if and as <br />long as a book entry system is utilized, (i) the Notes may be issued in the form of a single Note <br />made payable to the Depository or its nominee and deposited and retained in the custody of the <br />Depository or its agent for that purpose; (ii) the owners of book entry interests shall have no right to <br />receive the Notes in the form of physical securities or certificates; (iii) ownership of book entry <br />interests shall be shown by book entry on the system maintained and operated by the Depository <br />and its Participants, and transfers of the ownership of book entry interests shall be made only by <br />book entry by the Depository and its Participants; and (iv) the Notes as such sha11 not be <br />transferable or exchangeable, except for transfer to another Depository or to another nominee of a <br />Depository, without further action by the City. <br />If any Depository determines not to continue to act as a Depository for the Notes for <br />use in a book entry system, the Director of Finance may attempt to establish a securities <br />depository/book entry relationship with another qualified Depository. If the Director of Finance <br />does not or is unable to do so, the Director of Finance, after making provision for notification of the <br />book entry interest owners by the then Depository and any other arrangements deemed necessary, <br />sha11 pernut withdrawal of the Notes from the Depository, and shall cause the Notes in bearer or <br />payable form to be signed by the officers authorized to sign the Notes and delivered to the assigns of <br />the Depository or its nominee, all at the cost and expense (including any costs of printing), if the <br />event is not the result of City action or inaction, of those persons requesting such issuance. <br />The Director of Finance is also hereby authorized and directed, to the extent necessary <br />or required, to enter into any agreements determined necessary in connection with the book entry <br />system for the Notes, after deternuning that the signing thereof will not endanger the funds or <br />securities of the City. <br />Section 6. The Notes shall be sold by the Director of Finance at private sale to NatCity <br />Investments, Inc., Cleveland, Ohio (the Original Purchaser), at a purchase price not less than 97% of <br />par plus accrued interest, in accordance with law and the provisions of this ordinance. In <br />accordance with her deternunation of the best interest of the City and the amount required for the <br />purpose set forth in Sections 1 and 3, and based on conditions then existing in the fmancial markets, <br />the Director of Finance sha11 sign the Certificate of Award to establish and specify the aggregate <br />principal amount of the Notes to be issued, the interest rate the Notes are to bear, the fmal purchase <br />price of the Notes and other final terms of the Notes in accordance with the provisions of this <br />ordinance and evidence the sale of the Notes to the Original Purchaser. Thereafter, the Director of <br />Finance shall cause the Notes to be prepared, and have the Notes signed and delivered, together <br />with a true transcript of proceedings with reference to the issuance of the Notes if requested by the <br />Original Purchaser, to the Original Purchaser upon payment of the purchase price. The Mayor, the <br />Director of Finance, the Clerk of Council, the Director of Law, the Clerk of Council and other City <br />officials, as appropriate, are each authorized and directed to sign any transcript certificates, fmancial <br />sta.tements and other documents and instruments and to take such actions as are necessary or <br />appropriate to consummate the transactions contemplated by this ordinance. The Director of <br />-3- <br />?.,?,??.?
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