2020-141 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2020 - 141 BY: Mayor Kennedy Series O— Street Improvement Bonds 2021 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,000,000 TO PROVIDE FUNDS TO PAY COSTS OF IMPROVING, IN COOPERATION WITH CUYAHOGA COUNTY AND OTHERWISE, CANTERBURY ROAD AND CERTAIN OTHER DESIGNATED STREETS BETWEEN CERTAIN TERMINI IN THE CITY BY RECONSTRUCTING AND REHABILITATING THE PAVEMENT BASE, ADJUSTING, CONSTRUCTING AND RECONSTRUCTING CATCH BASINS, CURBS AND CURB RAMPS, MANHOLES AND UTILITY VALVE AND MONUMENT BOXES, WHERE NECESSARY, PREPARING THE SURFACE AND RESURFACING, IN EACH CASE TOGETHER WITH NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT. WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 2 is at least five years, and that the maximum maturity of the Bonds described in Section 2 is at least ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this ordinance, unless the context or use clearly indicates another or different meaning or intent: "Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if any, a denomination equal to a principal amount that, when interest is accrued and compounded thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole multiple thereof. "Bond proceedings" means, collectively, this ordinance, the Certificate of Award, the Continuing Disclosure Agreement, the Registrar Agreement and such other proceedings of the City, including the Bonds, that provide collectively for, among other things, the rights of holders and beneficial owners of the Bonds. "Bond Register" means the books and records necessary for the registration, exchange and transfer of the Bonds maintained by the Bond Registrar as provided in Section 5.