|
?
<br />?
<br />WHEREAS, the 1994C Notes and the 1994E Notes were retired at maturity with the
<br />proceeds of $7,660,000 notes issued in anticipation of bonds for the purpose described in Section
<br />2 pursuant to Ordinance No. 95-70, passed on June 6, 1995, as amended by Ordinance No. 95-
<br />89, passed on June 6, 1995, as a part of a consolidated issue of $35,310,000 Various Purpose
<br />Improvement Notes, Series 1995, dated June 22, 1995, which notes were retired at maturity with
<br />the proceeds of $7,660,000 notes (the Outstanding Notes) issued in anticipation of bonds
<br />pursuant to Ordinance No. 96-74, passed on May 9, 1996, as a part of a consolidated issue of
<br />$42,435,000 Various Purpose Improvement Notes, Series 1996, dated June 19, 1996, which
<br />Outstanding 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 an additional
<br />$180,000 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 each class of the improvements
<br />described in Section 2 is at least five years and that the maximum maturity of the Bonds
<br />described in Section 2 is twenty 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 $5,000 or any integral multiple thereof.
<br />"Bond proceedings" means, collectively, this ordinance, the Certificate of Award,
<br />the Continuing Disclosure Certificate and such other proceedings of the City, including the
<br />Bonds, that provide collectively for, among other things, the rights of holders and benefcial
<br />owners of the Bonds.
<br />"Bond Register" means all books and records necessary for the registration, exchange
<br />and transfer of Bonds as provided in Section 5.
<br />"Bond Registrar" means National Ciry Bank, Cleveland, Ohio, as the initial
<br />authenticating agent, bond registrar, transfer agent and paying agent for the Bonds under the
<br />Registrar Agreement and until a successor Bond Registrar shall have become such pursuant to
<br />the provisions of the Registrar Agreement and, thereafter, "Bond Registrar" shall mean the
<br />successor Bond Registrar.
<br />"Book entry form" or "book entry system" means a form or system under which (a)
<br />the ownership of book entry interests in Bonds and the principal of and interest on Bonds may
<br />be transferred only through a book entry, and (b) physical Bond certificates in fully registered
<br />form are issued by the City only to a Depository or its nominee as registered owner, with the
<br />-4-
<br />D03: [00523. DOCS. NOR05228] BOND_ORDINANCE_STREETS_$'7_840.
|