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<br />of improving the Recreation Center Complex by surfacing and resurfacing parking areas and
<br />driveways, providing related drainage improvements and constructing a building to house
<br />maintenance equipment therefor, as a part of a consolidated issue of $3,360,000 Various Purpose
<br />Improvement Notes, Series 1994D, dated August 19, 1994; and
<br />WHEREAS, the 1994C Notes and the 1994D Notes were retired at maturity with the
<br />proceeds of $700,000 notes (the 1995B Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 95-74, passed on June 6, 1995, as amended by Ordinance No. 95-89, passed on
<br />June 6, 1995, as part of a consolidated issue of $35,310,000 Various Purpose Improvement
<br />Notes, Series 1995, dated June 22, 1995; and
<br />WHEREAS, the 1995A Notes and the 1995B Notes were retired at maturity with the
<br />proceeds of $945,000 notes (the Outstanding Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 96-79, passed on May 9, 1996, as a part of a consolidated issue of $42,435,000
<br />Various Purpose Improvement Notes, Series 1996, dated June 19, 1996, which Outstanding
<br />Notes are 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 $25,000 to pay
<br />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 each class of improvements
<br />described in Section 2 is at least five years and that the maacimum maturity of the Bonds
<br />described in Section 2 is ten 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 />-2-
<br />D03:[00523.DOCS.NOR05228]BOND ORDINANCE PARK REC 5970.
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