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<br />"Purchase Agreement" means the Bond Purchase Agreement between the City and
<br />the Original Purchaser, as it may be modified from the form on file with the Clerk of Council
<br />and executed by the Mayor and the Director of Finance in accordance with Section 6.
<br />"Registrar Agreement" means the Bond Registrar Agreement between the City and
<br />the Bond Registrar, as it may be modified from the form on file with the Clerk of Council and
<br />executed by the Director of Finance in accordance with Section 4.
<br />"Rule" means Rule 15c2-12 prescribed by the SEC pursuant to the Securities
<br />Exchange Act of 1934.
<br />"SEC" means the Securities and Exchange Commission.
<br />"SID" means the state information depository, if any, with which filings are required
<br />to be made by the Ciry in accordance with the Rule.
<br />"Specified Events" means the occurrence of any of the following events, within the
<br />meaning of the Rule, with respect to the Bonds, as applicable: principal and interest payment
<br />delinquencies; non-payment related defaults; unscheduled draws on debt service reserves
<br />reflecting financial difficulties; unscheduled draws on credit enhancements reflecting financial
<br />difficulties; substitution of credit or liquidity providers, or their failure to perform; adverse tax
<br />opinions or events affecting the tax-exempt status of the Bonds; modifications to rights of holders
<br />or beneficial owners of the Bonds; Bond calls; defeasances; release, substitution, or sale of
<br />property securing repayment of the Bonds; and rating changes. The City has not obtained or
<br />provided, and does not expect to obtain or provide, any debt service reserves, and repayment
<br />of the Bonds is not secured by a lien on any property capable of release or sale or for which
<br />other property may be substituted.
<br />"Term Bonds" means those Current Interest Bonds designated as such and maturing
<br />on the date or dates set forth in the Certificate of Award, bearing interest payable on each
<br />Interest Payment Date and subject to mandatory sinking fund redemption.
<br />The captions and headings in this ordinance are solely for convenience of reference
<br />and in no way define, limit or describe the scope or intent of any Sections, subsections,
<br />paragraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this
<br />ordinance unless otherwise indicated.
<br />Section 2. Authorized Princinal Amount and Pu ose• Application of Proceeds.
<br />This Council determines that it is necessary and m the best interest of the City to issue bonds
<br />of this City in the maximum aggregate principal amount of $3,920,000 for the purpose of
<br />improving the Ciry's street system (i) by grading, draining, curbing, reconstructing the pavement
<br />base and surfacing, reconstructing and rehabilitating catch basins, driveway aprons, sanitary
<br />sewers and sanitary sewer service connections, sidewalks, storm sewers and water mains and
<br />water service connections and installing street lighting, where necessary, in Alden Drive,
<br />Alexander Road, Ambour Road, Beech Lane, Bretton Ridge Drive, Douglas Drive, Frank Street,
<br />Park Lane, Somerset Drive, Stafford Drive, Sweetbriar Drive and Willett Road; and (ii) by
<br />reconstructing sections of the pavement base, preparing the surface and resurfacing,
<br />reconstructing and rehabilitating catch basins, curbs, sidewalks and driveway aprons, where
<br />necessary, in Berkshire Drive, Byron Drive, Defoe Drive, Devon Drive, Dryden Drive, Fielding
<br />Drive, Hampton Drive, Keats Drive, Lydgate Drive, North Court, Old Shore Drive, Shelley
<br />Drive, South Court, Tallwood Drive, Tennyson Lane, Tudor Drive, Wedgewood Drive and
<br />Wild Oak Drive; in each case together wrth necessary appurtenances and work incidental
<br />thereto (the Bonds).
<br />-4-
<br />D03:[00523.DOCS.NOR05228]BOND ORDINANCE STREETS $3 920.
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