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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2001-17 <br />BY: Councilman Dean McKay and Mayor Musial <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS <br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $2,500,000 FOR <br />THE PURPOSE OF IlVIPROVING THE CITY'S SPRINGVALE GOLF COURSE <br />AND BALLROOM FACILITY BY CONSTRUCTING AN IRRIGATION <br />SYSTEM, A MAINTENANCE AND STORAGE BUILDING AND DRAINAGE, <br />CART PATH AND OTHER IlVIPROVEMENTS FOR THE GOLF COURSE AND <br />RENOVATING, REMODELING, ADDING TO, FURNISHIlNG, EQUIPPING <br />AND OTHERWISE IlVIPROVING THE CLUBHOUSE AND BALLROOM. <br />WHEREAS, this Council has requested that the Director of Finance, as the fiscal <br />officer of this City, certify the estimated life or period of usefulness of each class of the <br />improvements described in Section 2 and the maximum maturity of the Bonds described in Section <br />2; and <br />WHEREAS, the Director of Finance has certified to this Council that the estimated life <br />or period of usefulness of each class of the improvements is at least five years and the maximum <br />maturity of the Bonds described in Section 2 is twenty years based upon the weighted average of <br />amounts allocated to the various classes of improvements as set forth in the Fiscal Officer's <br />Certificate, which allocation is approved, ratified and covfrmed; <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 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, thereafter, "Bond Registrar" shall mean the successor <br />Bond Registrar.