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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2001-19 <br />BY: Councilman Dean McKay <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS <br />IN THE MAXINIUM AGGREGATE PRINCIPAL AMOiJNT OF $510,000 FOR <br />THE PURPOSE OF IlVIPROVING THE CITY'S STORM WATER DRAINAGE <br />SYSTEM BY CONSTRUCTING, RECONSTRUCTING AND OTHERWISE <br />IlVIPROVING STORM SEWERS AND OTHER STORM WATER DRAINAGE <br />FACILITIES, TOGETHER WITH THE NECESSARY APPURTENANCES AND <br />WORK INCIDENTAL THERETO. <br />WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to <br />this Council that the estimated life or period ofusefulness ofthe improvements described in Section <br />2 is at least five years and the maximum maturity of the Bonds described in Section 2 is forty years; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio, that: <br />Section 1. Definitions and Interpretations. In addition to the words and terms <br />elsewhere defined in this ordinance, unless the context or use clearly indicates another ar different <br />meaning or intent: <br />"Authorized Denominations" means the denominations specified as such by the Mayor <br />and Director of Finance in the Certificate of Award. <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 <br />Bonds. <br />`Bond Register" means all books and records necessary for the registration, exchange <br />and transfer of Bonds as provided in Section 5. <br />`Bond Registrar" means National City Bank, Cleveland, Ohio, as the initial <br />authenticating agent, bond registrar, transfer agent and paying agent for the Bonds uvder the <br />Registrar Agreement and until a successor Bond Registrar shall have become such pursuant to the <br />provisions of the Registrar Agreement and, thereafter, "Bond Registrar" shall mean the successor <br />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 <br />deposited with and maintained in the custody of the Depository or its agent. The book entry <br />maintained by others than the City is the record that identifies the owners of book entry interests in <br />those Bonds and that principal and interest.