2006-038 Ordinance - Laserfiche WebLink

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ORDINANCE N0.2006-38 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 $255,000 FOR THE PURPOSE OF IMPROVING THE CITY'S SANITARY SEWER SYSTEM BY IMPROVING AND EQUIPPING THE WASTEWATER TREATMENT PLANT AND THE BRADLEY, BROXBOURNE AND LE BERN PUMP STATIONS. WHEREAS, pursuant to Ordinance No. 2005-48 passed on May 4, 2005, notes in anticipation of bonds in the amount of $250,000 (the Outstanding Notes), were issued for the improvement described in Section 2, as a part of a consolidated issue of $2,990,000 Capital Improvement Notes, Series 2005, dated June 21, 2005, which Outstanding Notes are to mature on May 3, 2006; and WHEREAS, this Council finds and determines that the City should issue the Bonds described in Section 2 to provide funds to retire the Outstanding Notes at their maturity on May 3, 2006; and 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 each class of the improvements described in Section 2 is at least five years and that the maximum maturity of the Bonds described in SectioT~ ~ 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 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.