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<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 />properiy 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 Purpose• AMlication 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 $7,840,000 for the purpose of
<br />improving the City's street system by grading, draining, widening, reconstructing the pavement
<br />base, preparing the surface and surfacing and resurfacing, constructing, reconstructing and
<br />rehabilitating catch basins, curbs, driveway aprons, manholes, sanitary sewers and sanitary
<br />sewer service connections, sidewalks, storm sewers and water mams and water service
<br />connections, and installing street lighting, all where necessary, in Cambridge Drive, Christman
<br />Drive, Hastings Drive, Stewart Avenue, Sutton Drive, Birch Lane, Coe Avenue, East Oxford
<br />Oval, Esther Avenue, Hawkins Road, MacBeth Avenue, Noreen Drive, North Oxford Oval,
<br />Olmsted Oval, Palm Drive, South Oxford Oval, Westchester Drive, West Oxford Oval, Oak
<br />Lane, Antler Drive, Doe Drive, Hunter Drive, Bellevue Drive, Berkshire Drive, Croton Drive,
<br />David Drive, Devon Drive, Dorothy Drive, Glouchester Drive, Hampton Drive, Midvale Drive,
<br />Northern Avenue, Paisley Drive, Pompton Drive, Southern Avenue, Tudor Drive, Vincent
<br />Drive, Willet Circle, Butternut Ridge Road, Alden Drive, Dewey Road, Douglas Drive,
<br />Sweetbriar Drive, Willet Road, Maria Lane, Rosita Lane, Deerfield Drive, Dawn Drive, Dawn
<br />Circle, Chase Drive, Fawn Drive, Brighton Drive, Surrey Drive, Stafford Drive, Sommerset
<br />Drive, Allendale Drive, Amesbury Drive, Ashton Circle, Beaumont Drive, Bretton Ridge Drive,
<br />Carey Lane, Carla Lane, Cedarwood Lane, Chadbourne Drive, Clayton Drive, Clinton Drive,
<br />Decker Road, Delmere Drive, Dorchester Drive, Fairlawn Drive, Huntington Drive, LeBem
<br />Drive, Revere Drive, South Porter Road, Warrington Drive, Wellington Drive, Westminster
<br />Drive, Woodview Drive, Frank Street, Park Lane, Ambour Drive, Beech Lane and Alexander
<br />Road, in each case together with necessary appurtenances and work incidental thereto (the
<br />Bonds).
<br />Subject to the limitations set forth in this ordinance, the aggregate principal amount
<br />of the Bonds to be issued, the principal maturities of the Bonds, the interest rate or rates that
<br />the Bonds shall bear and certain other terms and provisions of the Bonds identified in this
<br />ordinance are subject to further specification or determination in the Certificate of Award upon
<br />the fmalization of the terms and provisions of the Bonds.
<br />The proceeds from the sale of the Bonds, except any premium and accrued interest,
<br />shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be
<br />-7-
<br />D03:[00523.DOCS.NOR05228]BOND ORDINANCE STREETS $7 840.
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