89-100 Ordinance - Laserfiche WebLink

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NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of North Olmsted, State of Ohio: Section 1. Definitions. In addition to the words and terms elsewhere defined in this Bond Legislation, in the Indenture or in the Loan Agreement, the following words and terms as used in this Bond Legislation shall have the following meanings unless the context or use clearly indicates another or different meaning or intent: "Act" means Chapter 165 of the Ohio Revised Code. "Additional Bonds" means Bonds which may be issued in accordance with Section 2.07 of the Indenture. "Alternate Letter of Credit" means an irrevocable letter of credit issued by a financial institution or other entity meeting the requirements of Section 5.09 of the Indenture, which Alternate Letter of Credit requires the issuer thereof to pay when due, to and upon the request of the Trustee, the same amounts as are payable under the initial Letter of Credit. "Base Rate" means the rate of interest designated from time to time by National City Bank, or any successor organization as its "base rate" or equivalent designation. Subject to any minimum or maximum rate limitations specified by applicable law,_ the Base Rate will automatically and immediately change from time to time effective as of the effective date of each such change in the base commercial rate of the Letter of Credit Bank. "Bond Fund" means the Bond Fund established pursuant to Section 5.03 of the Indenture. "Bond Legislation" means (a) when used with reference to the Project Bonds, this ordinance providing for their issuance and approving the Loan Agreement, the Indenture, the Bond Purchase Agreement and related matters; (b) when used with reference to an issue of Additional Bonds, this ordinance providing for the issuance of the Project Bonds, to the extent applicable, and the legislation providing for the issuance of the Additional Bonds and approving any amendment or supplement to the Loan Agreement, any Supplemental Indenture and related matters; and (c) when used with reference to Bonds when Additional Bonds are outstanding, this ordinance providing for the issuance of the Project Bonds and the legislation providing for the issuance of the then outstanding and the then to be issued Additional Bonds; in each case as or supplemented from time to time. "Bond Purchase Agreement" means the Bond Purchase Agreement between the Issuer, the Borrower, the Letter of Credit Bank and Meuse, Rinker, Chapman, Endres & Brooks as Original Purchaser of the Project Bonds. - 2 -