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WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this <br />Council that the estimated life or period of usefulness of the improvements described in Section 2 is at <br />least five years and that the maximum maturity of the Bonds described in Section 2 is ten years; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio, that: <br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere <br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or <br />intent: <br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if <br />any, a denomination equal to a principal amount that, when interest is accrued and compounded <br />thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated <br />maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple <br />thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole <br />multiple thereof. <br />"Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the <br />Registrar Agreement, the Continuing Disclosure Agreement and such other proceedings of the City, <br />including the Bonds, that provide collectively for, among other things, the rights of holders and <br />beneficial owners of the Bonds. <br />"Bond Register" means the books and records necessary for the registration, exchange <br />and transfer of the Bonds maintained by the Bond Registrar as provided in Section 5. <br />"Bond Registrar" means The Huntington National Bank, Columbus, Ohio, as the initial <br />authenticating agent, bond registrar, transfer agent and paying agent for the Bonds under the Registrar <br />Agreement and until a successor Bond Registrar shall have become such pursuant to the provisions of <br />the Registrar Agreement and, thereafter, "Bond Registrar" shall mean the successor Bond Registrar. <br />"Book entry form" or "book entry system" means a form or system under which (a) the <br />ownership of book entry interests in Bonds and the principal of and interest on Bonds may be <br />transferred only through a book entry, and (b) physical Bond certificates in fully registered form are <br />issued by the City only to a Depository or its nominee as registered owner, with the Bonds deposited <br />with and retained in the custody of the Depository or its agent. The book entry maintained by others <br />than the City is the recard that identifies the owners of book entry interests in those Bonds and that <br />principal and interest. <br />"Capital Appreciation Bonds" means any Bonds designated as such in the Certificate of <br />Award, maturing on the Principal Payment Dates, being in the principal amounts and having the <br />Maturity Amounts set forth in the Certificate of Award, and bearing interest accrued and <br />compounded on each Interest Accretion Date and payable at maturity. <br />"Certificate of Award" means the certificate to be signed by the Mayor and the Director <br />of Finance pursuant to subsection (a) of Section 6, setting forth and determining those terms or other <br />-2-