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2016-111 Ordinance
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2016-111 Ordinance
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8/14/2017 10:38:34 AM
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North Olmsted Legislation
Legislation Number
2016-111
Legislation Date
11/3/2016
Year
2016
Legislation Title
Sale of Bonds to Improve the City's Traffic Control System
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name of the Depository or its designated nominee, as registered owner, and deposited with and <br />retained in the custody of the Depository or its agent, which may be the Bond Registrar; (ii) the <br />owners of book entry interests in Bonds shall have no right to receive Bonds in the form of physical <br />securities or certificates; (iii) ownership of book entry interests in Bonds shall be shown by book <br />entry on the system maintained and operated by the Depository and its Participants, and transfers of <br />the ownership of book entry interests shall be made only by book entry by the Depository and its <br />Participants; and (iv) the Bonds as such shall not be transferable or exchangeable, except for transfer <br />to another Depository or to another nominee of a Depository, without further action by the City. <br />If any Depository determines not to continue to act as a Depository for the Bonds for <br />use in a book entry system, the Director of Finance may attempt to establish a securities <br />depository/book entry relationship with another qualified Depository. If the Director of Finance does <br />not or is unable to do so, the Director of Finance, after making provision for notification of the book <br />entry interest owners by the then Depository and any other arrangements deemed necessary, shall <br />permit withdrawal of the Bonds from the Depository, and shall cause Bond certificates in registered <br />form to be authenticated by the Bond Registrar and delivered to the assigns of the Depository or its <br />nominee, all at the cost and expense (including any costs of printing), if the event is not the result of <br />City action or inaction, of those persons requesting such issuance. <br />The Mayor and the Director of Finance are each also hereby authorized and directed, <br />to the extent necessary or required, to enter into any agreements, in the name and on behalf of the City, <br />that either determines to be necessary in connection with a book entry system for the Bonds, after <br />determining that the signing thereof will not endanger the funds or securities of the City. <br />Section 6. Sale of the Bonds. <br />(a) To the Original Purchaser. The Bonds shall be awarded and sold by the Mayor <br />and the Director of Finance to the Original Purchaser at private sale at a purchase price not less than <br />97% of the aggregate principal amount thereof plus accrued interest on the Current Interest Bonds <br />from their date to the Closing Date, as shall be determined by the Mayor and the Director of Finance <br />in the Certificate of Award and with and upon such other terms as are required or authorized by this <br />ordinance to be specified in the Certificate of Award, in accordance with law, the provisions of this <br />ordinance and the Purchase Agreement. The Mayor and the Director of Finance are authorized, if <br />they determine it to be in the best interest of the City, to combine the issue of the Bonds with one or <br />more other unvoted general obligation bond issues of the City into a consolidated bond issue pursuant <br />to Section 133.30(B) of the Revised Code, in which case a single Certificate of Award may be <br />utilized for the consolidated bond issue if appropriate and consistent with the terms of this ordinance. <br />The Mayor and the Director of Finance shall sign and deliver the Certificate of Award <br />and shall cause the Bonds to be prepared and, following their sale, shall have the Bonds signed and <br />delivered, together with a true transcript of proceedings with reference to the issuance of the Bonds, <br />to the Original Purchaser upon payment of the purchase price. The Mayor, the Director of Finance, <br />the Director of Law, the Clerk of Council and other City officials, as appropriate, are each authorized <br />and directed to sign any transcript certificates, financial statements and other documents and <br />instruments and to take such actions as are necessary or appropriate to consummate the transactions <br />contemplated by this ordinance. <br />WIPM <br />
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