2012-097 Ordinance - Laserfiche WebLink

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2013 Street Improvement Program New Money CITY OF NORTH OLMSTED ORDINANCE NO. 2012-97 BY: Mayor Kennedy AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $620,000 TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING CANTERBURY ROAD, COLUMBIA ROAD, EAST PARK DRIVE, GESSNER ROAD, JOSEPHINE DRIVE AND VITA LANE, IN COOPERATION WITH CUYAHOGA COUNTY AND OTHERWISE, BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, CONSTRUCTING AND RECOIVSTRUCTING CURBS AND CURB RAMPS AND ADJUSTING CATCH BASINS, MANHOLES AND WATER VALVE AND MOIVUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND RESURFACING, TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO. WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to a principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 ar any whole multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Registrar Agreement, the Continuing Disclosure Agreement and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds. "Bond Register" means the books and records necessary for the registration, exchange and transfer of the Bonds maintained by the Bond Registrar as provided in Section 5. "Bond Registrar" means The Huntington National Bank, Columbus, Ohio, as the initial authenticating agent, bond registrar, transfer agent and paying agent for the Bonds under the Registrar Agreement and until a successor Bond Registrar shall have become such pursuant to the provisions of the Registrar Agreement and, thereafter, "Bond Registrar" shall mean the successor Bond Registrar.