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WHEREAS, pursuant to Ordinance No. 2006-18 passed by this Council on February 21,
<br />2006, as amended by Ordinance No. 2006-96 passed by this Council on May 16, 2006, and the
<br />Certificate of Award dated June 14, 2006, signed by the City's Mayor and Director of Finance
<br />pursuant thereto, the City issued its $6,795,000 Capital Improvement Refunding Bonds, Series
<br />2006D (the Series 2006D Bonds), dated as of June 29, 2006, to advance refund the Original Bonds
<br />that were then outstanding and stated to mature on December 1 in the years 2011, 2012, 2014, 2016
<br />and 2020; and
<br />WHEREAS, this Council now finds and determines that the City should (i) refund for
<br />debt service savings the $3,075,000 of the Series 2006D Bonds that are outstanding and stated to
<br />mature on December 1, 2020 (collectively, the Refunded Bonds), (ii) exercise the City's option
<br />to call all of the Refunded Bonds for optional redemption on a date within 60 days after the date
<br />of issuance of the Bonds determined and specified as provided in Section 7, and (iii) authorize
<br />the issuance and sale of the Bonds described in Section 2 to provide for that refunding and call;
<br />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 2000 Notes and the Series 2001
<br />Notes, at least five years, and that the maximum maturity of the Bonds described in Section 2 is
<br />December 1, 2020;
<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 U.S. Bank National Association, as the initial authenticating
<br />agent, bond registrar, transfer agent and paying agent for the Bonds under the Registrar Agreement
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