2001-035 Ordinance - Laserfiche WebLink

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to authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding and call; and WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 2 was, at the time of issuance of the Original Bonds, at least five years and that the maximum maturity of the Bonds described in Section 2 is at least December 15, 2012, the final maturity of the Refunded Bonds; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretations. In addition to the words and terms elsewhere defined in this ardinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means the denominations specified as such by the Mayor and Director of Finance in the Certificate of Award. "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 all books and recards necessary for the registration, exchange and transfer of Bonds as provided in Section 5. "Bond Registrar" means National City Bank, 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 maintained in the custody of the Depository or its agent. The book entry maintained by others than the City is the record that identifies the owners of book entry interests in those Bonds and that principal and interest. "Certificate of Award" means the certificate authorized by subsection (a) of Section 6, to be executed by the Mayor and the Director of Finance, setting forth and determining those terms or other matters pertaining to the Bonds and their issuance, sale and delivery as this ordinance requires or authorizes to be set forth or determined therein. "Closing Date" means the date of physical delivery of, and payment of the purchase price for, the Bonds. -2-