2006-040 Ordinance - Laserfiche WebLink

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Series U CITY OF NORTH OLMSTED ORDINANCE N0.2006-40 BY: Mayor O'Grady and Councilmembers Tallon, Barker, Dailey Jones and Orlowski AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $240,000 TO PAY COSTS OF ACQUIRING MOTOR VEHICLES AND RELATED EQUIPMENT FOR USE IN PROVIDING CITY SERVICES. 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 vehicles and equipment described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is five 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 the 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 or any whole multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Continuing Disclosure Certificate 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 U.S. Bank National Association, Cleveland, 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. "Book entry form" or "book entry system" means a form or system under which (a) the ownership of book entry interests in Bonds and the principal of and interest on Bonds may be transferred only through a book entry, and (b) physical Bond certificates in fully registered form are issued by the City only to a Depository or its nominee as registered owner, with the Bonds deposited with and retained in the custody of the Depository or its agent. The book entry maintained by others