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<br />incidental thereto, and to provide funds to retire bond anticipation notes previously issued for that
<br />purpose; and
<br />WHEREAS, this Council finds and determines that the City should (i) refund at a lower
<br />interest cost the $470,000 of the Original Series A Bonds and the $95,000 of the Original Series B
<br />Bonds that are now outstanding and stated to mature on December 1, 2016 (collectively, the
<br />Refunded Bonds), (ii) exercise the City's option to call those Refunded Bonds for optional
<br />redemption on December 1, 2007, and (iii) authorize the issuance and sale of the Bonds described in
<br />Section 2 to provide for that refunding and call; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvement described in Section 2 was,
<br />at the time of issuance of the Original Bonds, at least five years and that the maximum maturity of the
<br />Bonds described in Section 2 is at least December 1, 2016, the final maturity of the Refunded Bonds;
<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 the 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 />Continuing Disclosure Certificate and such other proceedings of the City, including the Bonds, that
<br />provide collectively for, among other things, the rights of holders and 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 U.S. Bank National Association, Cleveland, 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
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