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certificate of award dated April 21, 2006, signed by the Mayor and the Director of Finance
<br /> (collectively,the Series 2006 Bond Legislation); and
<br /> WHEREAS, this Council now finds and determines that the City should (i) refund at
<br /> a lower interest cost the $2,260,000 of the Series 2006 Bonds that are outstanding and stated to
<br /> mature on December 1 in each of the years from 2017 through 2025 (collectively, the Refunded
<br /> Bonds), (ii) exercise the City's option to call all of the Refunded Bonds for optional redemption
<br /> on December 1, 2016, the earliest optional redemption date for the Refunded Bonds, and (iii)
<br /> authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding
<br /> and call; and
<br /> WHEREAS, the Director of Finance, as the 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 was, at the time of the issuance of the Series 2004 Notes and the Series
<br /> 2005B Notes, at least five years, and that the maximum maturity of the Bonds described in Section
<br /> 2 is at least December 1, 2025,the final maturity of the Refunded Bonds;
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br /> Cuyahoga County, Ohio, that:
<br /> Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere
<br /> defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br /> intent:
<br /> "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if
<br /> any, a denomination equal to a principal amount that, when interest is accrued and compounded
<br /> thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated
<br /> maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple
<br /> thereof and (b) with respect to Current Interest Bonds, a denomination of $5,000 or any whole
<br /> multiple thereof.
<br /> "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the
<br /> Continuing Disclosure Agreement,the Registrar Agreement and such other proceedings of the City,
<br /> including the Bonds, that provide collectively for, among other things, the rights of holders and
<br /> beneficial owners of the Bonds.
<br /> "Bond Register" means the books and records necessary for the registration, exchange
<br /> and transfer of the Bonds maintained by the Bond Registrar as provided in Section 5.
<br /> "Bond Registrar" means The Huntington National Bank, Columbus, 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 the
<br /> provisions of the Registrar Agreement and, thereafter, "Bond Registrar" shall mean the successor
<br /> Bond Registrar.
<br /> "Book entry form" or"book entry system" means a form or system under which(a)the
<br /> ownership of book entry interests in Bonds and the principal of and interest on Bonds may be
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