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<br />
<br />...:.,
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<br />WHEREAS, pursuant to Ordinance No. 96-65, passed on May 9, 1996, notes in
<br />anticipation of bonds in the amount of $3,975,000 (the 1996B Notes) were issued for the purpose
<br />of improving the City's sanitary sewerage system and its functions by constructing and
<br />reconstructing sanitary sewers and pumping and retention facilities and by constructing and
<br />reconstructing storm sewers and other storm water drainage facilities and improvements to
<br />control and limit the volume of storm water entering or otherwise affecting the sanitary sewerage
<br />system, together in all cases with any necessary appurtenances and the performance of any
<br />incidental work, as a part of the 1996 Consolidated Notes, which 1996B Notes are to mature on
<br />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 1996A Notes and 1996B Notes (collectively,
<br />the Outstanding Notes) and up to an additional $375,000 to pay financing costs in connection
<br />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 at least thirty 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 />rype 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 />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 />-3-
<br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE SAN_SWR $16_350.
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