2016-103 Ordinance - Laserfiche WebLink

Home Browse Search

"Depository" means any securities depository that is a clearing agency under federal law operating and maintaining, with its Participants or otherwise, a book entry system to record ownership of book entry interests in Bonds or the principal of and interest on Bonds, and to effect transfers of Bonds, in book entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York. "Escrow Agreement" means the Escrow Agreement between the City and the Escrow Trustee, as it may be modified from the form on file with the Clerk of Council and signed by the Mayor and Director of Finance in accordance with Section 8 of this ordinance. "Escrow Fund" means the City of North Olmsted Refunded Series 2006C Consolidated Issue Escrow Fund established pursuant to Section 9 of this ordinance. "Escrow Trustee" means U.S. Bank National Association, as the initial escrow trustee with respect to the Refunded Bonds under the Escrow Agreement and until a successor Escrow Trustee shall have become such pursuant to the provisions of the Escrow Agreement and, thereafter, "Escrow Trustee" shall mean the successor Escrow Trustee. "Interest Accretion Dates" means, as to any Capital Appreciation Bonds, June 1 and December 1 in each year during which any Capital Appreciation Bonds are outstanding, commencing June 1, 2017, or such other date not later than December 1, 2017 as may be specified by the Mayor and the Director of Finance in the Certificate of Award. "Interest Payment Dates" means (a) as to Current Interest Bonds, June 1 and December 1 of each year during which the Current Interest Bonds are outstanding, commencing June 1, 2017, or such other date not later than December 1, 2017 as may be specified by the Mayor and the Director of Finance in the Certificate of Award and (b) as to any Capital Appreciation Bonds, their respective maturity dates. "Maturity Amount" means, with respect to a Capital Appreciation Bond, the principal of and interest on that Bond due and payable at its stated maturity. "Original Bond Legislation" means Ordinance No. 96-127, passed by this Council on September 17, 1996, and the related certificate of award dated November 20, 1996, signed by the Mayor and the Director of Finance pursuant thereto, authorizing the issuance and sale of the Original Bonds. "Original Bonds" means the $4,200,000 Recreational Facilities Bonds, Series 1996A, issued pursuant to the Original Bond Legislation as part of a consolidated issue of $43,020,000 Various Purpose Improvement Bonds, Series 1996, dated as of November 15, 1996. "Original Purchaser" means Fifth Third Securities, Inc., Cincinnati, Ohio. "Participant" means any participant contracting with a Depository under a book entry system and includes securities brokers and dealers, banks and trust companies, and clearing corporations. -4-