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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2001-18 <br />BY: Councilman Dean McKay <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS <br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,550,000 FOR <br />THE PURPOSE OF IlVIPROVING CERTAIN DESIGNATED STREETS IN THE <br />CITY, IN COOPERATION WITH CUYAHOGA COUNTY AND OTHERWISE, <br />BY GRADING, DRAINING, WIDENING, RECONSTRUCTING THE <br />PAVEMENT BASE, PREPARING THE SURFACE, SURFACING AND <br />RESURFACING, CONSTRUCTING AND RECONSTRUCTING CiJRBS, <br />GL]TTERS, CATCH BASINS, STORM SEWERS, SANTTARY SEWERS, <br />WATER LINES, SIDEWALKS AND DRIVEWAY APPROACHES AND <br />INSTALLING TRAFFIC SIGNS AND SIGNALIZATION, STREET LIGHTING <br />AND RELATED UNDERGROUND WIRING, WHERE NECESSARY, IN EACH <br />CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK <br />INCIDENTAL THERETO. <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 each class of the improvements described <br />in Section 2 is at least five years and the maxirnum maturity of the Bonds described in Section Z is <br />fifteen 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 ardinance, 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 under the <br />Registrar Agreement and until a successor Bond Registrar shall have become such pursuant to the <br />provisions of the Registrar Agreement and, therea$er, `Bond Registrar" shall mean the successor <br />Bond Registrar.