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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-139
<br />BY: Councilmember Lind
<br />
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $105,000 FOR THE PURPOSE OF ACQUIRING AND
<br />INSTALLING COMPUTERIZED TELECOMMUNICATIONS
<br />EQUIPMENT FOR USE AT CITY FACILITIES.
<br />WHEREAS, pursuant to Ordinance No. 96-70, passed on May 9, 1996, notes in the
<br />amount of $100,000 (the Outstanding Notes) were issued in anticipation of the issuance of bonds
<br />for the purpose described in Section 2, as a part of a consolidated issue of $42,435,000 Various
<br />Purpose Improvement Notes, Series 1996, dated June 19, 1996, which Outstanding Notes are
<br />to mature on December 19, 1996; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Notes and up to an additional
<br />$5,000 to pay financing costs in connection therewith; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of the equipment described in Section
<br />2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is ten
<br />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 or
<br />different meaning or intent:
<br />"Annual Information" means annual financial information and operating data of the
<br />type to be specified in the Continuing Disclosure Certificate in accordance with the Rule.
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds,
<br />if any, the denomination equal to the original principal amount that, when interest is accrued and
<br />compounded thereon on each Interest Accretion Date to the stated maturity of those Bonds, will
<br />equal a Maturity Amount of $5,000 or any integral multiple thereof and (b) with respect to
<br />Current Interest Bonds, the denomination of $5,000 or any integral multiple thereof.
<br />"Bond proceedings" means, collectively, this ordinance, the Certificate of Award,
<br />the Continuing Disclosure Certificate and such other proceedings of the City, including the
<br />Bonds, that provide collectively for, among other things, the rights of holders and beneficial
<br />owners of the 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
<br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE_NM_TELECOM EQUIP_$105.
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