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2001-017 Ordinance
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2001-017 Ordinance
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1/16/2014 10:57:40 AM
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1/16/2014 3:33:53 AM
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North Olmsted Legislation
Legislation Number
2001-017
Legislation Date
3/21/2001
Year
2001
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and operated by the Depository and its Participants, and transfers of the ownership of book entry <br />interests shall be made only by book entry by the Depository and its Participants; and (iv) the Bonds <br />as such shall not be transferable or exchangeable, except for transfer to another Depository or to <br />another nominee of a Depository, without further action by the City. <br />If any Depository determines not to continue to act as a Depository for the Bonds for <br />use in a book entry system, the Director of Finance may attempt to establish a securities <br />depository/book entry relationship with another qualified Depository. If the Director of Finance <br />does not or is unable to do so, the Director of Finance, a$er making provision for notification of the <br />book entry interest owners by the then Depository and any other arrangements deemed necessary, <br />shall permit withdrawal of the Bonds from the Depository, and shall cause Bond certificates in <br />registered form to be authenticated by the Bond Registrar and delivered to the assigns of the <br />Depository or its nominee, all at the cost and expense (including any costs of printing), if the event <br />is not the result of City action or inaction, ofthose persons requesting such issuance. <br />The Director of Finance is hereby authorized and directed, to the extent necessary or <br />required, to enter into any agreements, in the name and on behalf of the City, that he determines to <br />be necessary in connection with a book entry system for the Bonds, after deternuning that the <br />signing thereof will not endanger the funds or securities of the City and after approval of the form of <br />any such agreement by the Director of Law. <br />Section 6. Sale ofthe Bonds. <br />(a) To the Original Purchaser. The Bonds shall be sold at private sale to the <br />Original Purchaser at a purchase price not less than 97% of the aggregate principal amount thereof <br />plus accrued interest on the Bonds from their date to the Closing Date, as shall be determined by the <br />Mayor and the Director of Finance in the Certificate of Award, and shall be awarded by the Mayor <br />and the Director of Finance with and upon such other terms as are required or authorized by this <br />ordinance to be specified in the Certificate of Award, in accordance with law, the provisions of this <br />ordinance and the Purchase Agreement. The Mayor and the Director of Finance are authorized, if it <br />is determined to be in the best interest of the City, to combine the issue of the Bonds with one or <br />more other bond issues of the City into a consolidated bond issue pursuant to Section 133.30(B) of <br />the Revised Code in which case a single Certificate of Award may be utilized for the consolidated <br />bond issue if appropriate and consistent with the terms ofthis ordinance. <br />The Mayor and the Director of Finance shall sign and deliver the Certificate of <br />Award and shall cause the Bonds to be prepared and signed and delivered, together with a true <br />transcript ofproceedings with reference to the issuance ofthe Bonds, to the Original Purchaser upon <br />payment of the purchase price. The Mayor, the Director of Finance, the Director of Law, the Clerk <br />of Council and other City officials, as appropriate, each are authorized and directed to sign any <br />transcript certificates, financial statements and other documents and instruments and to take such <br />actions as are necessary or appropriate to consummate the transactions contemplated by this <br />ordinance. <br />The Mayor and the Director of Finance shall sign and deliver, in the name and on <br />behalf of the City and in their official capacities, the Purchase Agreement between the City and the <br />-11-
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