81-144 Ordinance - Laserfiche WebLink

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"Legislative Authority" means the Council of the City of North Olmsted, Ohio. "Letter of Credit Agreement" means the Letter of Credit Agree- ment between the Company and the Bank, dated as of December 15, 1981, as it may from time to time be amended in accordance with the provisions thereof. "Letters of Credit" means the Principal Letter of Credit and the Interest Letter of Credit, collectively. "Loan" means the loan by the Issuer to the Company of the proceeds from the sale of the Project Bonds, after deducting any accrued interest paid by the Original Purchaser. "Loan Payments" means the amounts required to be paid by or caused to be paid by the Company in repayment of the Loan pursuant to the provisions of Section 4.2 of the Agreement. "Original Purchaser" means, as to the Project Bonds, McDonald & Company, Cleveland, Ohio and as to Additional Bonds the person or persons identified as such in the applicable Bond Legislation providing for the issuance of such Additional Bonds. "Outstanding Bonds" or "Bonds outstanding" or "outstanding" as applied to Bonds, means, as of any date, all Bonds which have been authenticated and delivered by the Trustee under the Indenture except: (a) Bonds surrendered for and replaced upon exchange or transfer, or cancelled because of payment or redemption prior to maturity, at or prior to such date; (b) Bonds for the payment, redemption or purchase for can- cellation of which sufficient moneys have been deposited prior to such date with the Trustee (whether upon or prior to the maturity or redemption date of any such Bonds), or which are deemed to have been paid and dis- charged pursuant to the provisions of the Indenture; provided that if such Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given or arrangements to the reasonable satis- faction of the Trustee shall have been made therefor, or waiver of such notice satisfactory in form to the Trustee shall have been filed with the Trustee; and (c) Bonds in lieu of which others have been authenticated (or payment, when due, of which is made without replacement) under Section 2.05 of the Indenture. "Paying Agent" means, as to the Project Bonds, the Trustee and, as to Additional Bonds, any bank or trust companq designated as such by or pursuant to the applicable Bond Legislation and their succes- sors designated pursuant to the Indenture. BR-5