2006-039 Ordinance - Laserfiche WebLink

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"Registrar Agreement" means the Bond Registrar Agreement between the City and the Bond Registrar, as it may be modified from the form on file with the Clerk of Council and signed by the Mayor and the Director of Finance in accordance with Section 4. "Rule" means Rule 15c2-12 prescribed by the SEC pursuant to the Securities Exchange Act of 1934. "SEC" means the Securities and Exchange Commission. "Term Bonds" means those Current Interest Bonds designated as such and maturing on the Principal Payment Date or Dates set forth in the Certificate of Award, bearing interest payable on each Interest Payment Date and subject to mandatory sinking fund redemption. The captions and headings in this ordinance are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Purpose• Application of Proceeds. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $840,000 (the Bonds) for the purpose of improving (i) Lorain Road from Canterbury Road easterly to the easterly corporation line, in cooperation with the Ohio Department of Transportation, by preparing the surface, surfacing and resurfacing and replacing curb ramps, where necessary, and (ii) Carnage Lane, Dryden Drive, Keats Drive, Lydgate Drive, Tennyson Lane, North Court and South Court by preparing the surface, adjusting manholes and catch basins, surfacing and resurfacing and replacing curb ramps, where necessary, in each case together with the necessary appurtenances and work incidental thereto. Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and the principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or determination in the Certificate of Award upon the finalization of the terms and provisions of the Bonds. The proceeds from the sale of the Bonds, except any premium and accrued interest, shall be paid into a separate fund established for the purpose set forth in this Section pursuant to Sections 5705.09 and 5705.10 of the Revised Code, and those proceeds are appropriated and shall be used for that purpose. The expenditure of those proceeds for that purpose is hereby authorized and approved. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 3. Denominations; Datin~• Principal and Interest Payment and Redemption Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in the Authorized Denominations, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The respective principal amounts of the Bonds to be issued as Current Interest -4-