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Summit County Overview
Codified Ordinances of Summit County, OH
CODIFIED ORDINANCES
CERTIFICATION
ROSTER OF OFFICIALS
COMPARATIVE SECTION TABLE
TABLES OF SPECIAL ORDINANCES
CHARTER
PART ONE - ADMINISTRATIVE CODE
PART THREE - TRAFFIC CODE
PART FIVE - GENERAL OFFENSES CODE
PART SEVEN - BUSINESS REGULATION AND TAXATION CODE
PART NINE - ENVIRONMENTAL SERVICES CODE
PART ELEVEN - SUBDIVISION REGULATIONS
PART THIRTEEN - BUILDING CODE
CHAPTER 190
County Note Program
190.01   Definitions.
190.02   Establishment of Note Program.
190.03   Note Program procedures.
190.04   Source of payment - bonds.
190.05   Note terms.
190.06   Payment.
190.07   Signing and authentication of the Notes.
190.08   Registration; transfer and exchange; book-entry system.
190.09   Sale of the Notes.
190.10   Disclosure.
190.11   Financing costs.
190.12   Use of Note proceeds.
190.13   Security and sources of payment.
190.14   Federal tax matters.
190.15   Signing and delivery of Notes and documents.
190.16   Certification to authorized officer.
 
190.01 DEFINITIONS.
   Words and terms are used in this chapter with the following meanings:
(a)    "Annual Information" means the annual financial information and operating data of the type to be specified in the Continuing Disclosure Certificate in accordance with the SEC Rule.
(b)    "Authorized Denominations" means the denomination of one thousand dollars ($1,000) or any whole multiple of one thousand dollars ($1,000).
(c)    "Authorized Officer" means an officer of the County, designated in the Note Resolution to sign the Certificate of Award and any other documents specifically provided for in the Note Resolution.
(d)    "Bonds" means an issue of unvoted, general obligation bonds, in anticipation of which Notes are issued under the Note Program.
(e)    "Book-Entry Form" or "Book-Entry System" means a form or system under which:
    (1)    The ownership of book-entry interests in Notes and the Debt Service on the Notes may be transferred only through a book entry, and
   (2)    Physical note certificates in fully registered form are issued by the County only to a Depository or its nominee as registered Holder, with the Notes deposited and retained in the custody of the Depository or its agent.
(f)    "Certificate of Award" means each certificate authorized by Section 190.09 of this General Program Ordinance and by the Note Resolution, for an issue of Notes, setting forth the terms and other provisions of the Notes required or authorized by this General Program Ordinance and the Note Resolution.
(g)    "Closing Date" means the date of delivery of and payment for an issue of Notes.
(h)    "Code" means the Internal Revenue Code of 1986, as amended. References to the Code and sections of the Code include applicable regulations (whether temporary or final) under the Code, and any amendments of, or successor provisions to, those sections or regulations.
(i)   "Continuing Disclosure Agreement" means a continuing disclosure agreement made by the County for the benefit of Holders and beneficial owners of an issue of Notes in accordance with the SEC Rule. It consists of the covenants in Section 190.10 of this General Program Ordinance and a Continuing Disclosure Certificate.
(j)    "Continuing Disclosure Certificate" means a certificate authorized by Section 190.10, for an issue of Notes.
(k)    "Debt Service" means all amounts due as principal, interest, and any premium on an issue of securities.
(l)    "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 securities or the principal of and interest on securities, and to effect transfers of securities, in Book-Entry Form and means initially The Depository Trust Company, New York, New York, a limited purpose trust company.
(m)   "EMMA System" means the MSRB's proposed Electronic Municipal Market Access System.
(n)    "Federal Tax Status" means the status of the interest on the Notes as excludable from gross income for federal income tax purposes and not treated as an item of tax preference for purposes of the alternative minimum tax.
(o)    "Financing Costs" means any financing costs authorized to be paid by Section 133.01(K) of the Ohio Revised Code.
(p)    "General Program Ordinance" means this chapter, establishing the terms of the County's Note Program.
(q)    "Holder" means as to any Note, the person in whose name the Note is registered on the Register.
(r)    "MSRB" means the Municipal Securities Rulemaking Board established by the SEC.
(s)    "NRMSIR" means each nationally recognized municipal securities information repository designated from time to time by the SEC in accordance with the SEC Rule.
(t)    "Note Proceedings" means, for each issue of Notes, collectively, this General Program Ordinance, the Note Resolution, the Certificate of Award, any Registrar Agreement, any Purchase Agreement, and the other proceedings of the County, including the Notes, that provide collectively for, among other things, the rights of Holders and beneficial owners of the Notes.
(u)    "Note Program" means the program for the issuance by the County of unvoted, general obligation, bond anticipation notes, the procedures for which are established by this General Program Ordinance.
(v)    "Note Resolution" means each ordinance of the Council of Summit County, authorizing a specific issue of Notes under the Note Program.
(w)   "Notes" means an issue of unvoted, general obligation, bond anticipation notes authorized by a Note Resolution under the Note Program.
(x)    "Original Purchaser" means the original purchaser of an issue of Notes designated in the Note Resolution or a Certificate of Award.
(y)    "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.
(z)    "Projects" means the specific permanent improvements financed or refinanced by an issue of Notes as described in the Note Resolution for those Notes.
(aa)    "Purchase Agreement" means any Note Purchase Agreement between the County and the Original Purchaser, entered into for the purchase and sale of an issue of Notes.
(bb)    "Register" means all books and records necessary for the registration, exchange, and transfer of the Notes.
(cc)    "Registrar" means:
   (1)    For Notes sold to the County Fiscal Officer as the investing authority of the County, the County Fiscal Officer, and
   (2)    For other issues of Notes, the Registrar designated in the Note Resolution, or by the Authorized Officer in the Certificate of Award, and any successor registrar under the Registrar Agreement.
(dd)    "Registrar Agreement" means any note registrar agreement between the County and the Registrar, for an issue of Notes.
(ee)    "SEC Rule" means SEC Rule 15c2-12.
(ff)    "SID" means the state information depository with which filings are required to be made by the County in accordance with the SEC Rule.
(gg)    "Specified Events" means any of the following events, with respect to an issue of Notes: principal and interest payment delinquencies; non-payment-related defaults; unscheduled draws on debt-service reserves reflecting financial difficulties; unscheduled draws on credit enhancements reflecting financial difficulties; substitution of credit or liquidity providers or their failure to perform; adverse tax opinions or events affecting the tax-exempt status of the Notes; modifications to rights of Holders or beneficial owners of the Notes; bond calls; defeasances; release, substitution, or sale of property securing repayment of the Notes; and rating changes.
   (Ord. 2009-139. Adopted 4-13-09.)
190.02 ESTABLISHMENT OF NOTE PROGRAM.
   A Note Program is hereby established by the County of Summit for the following purposes and is hereby governed by the following general procedures.
(a)    The County's capital project needs require the issuance, from time to time, of securities to provide funds for those projects. The County may issue general obligation bonds to finance those projects and may issue notes in anticipation of those bonds.
(b)    The establishment of a program for the issuance of those bond anticipation notes will speed the process of issuing those notes, resulting in a more timely application of money to the costs of the County's capital projects and to the renewal of outstanding notes.
(c)    This General Program Ordinance establishes procedures for the issuance of Notes and, to the extent not superseded by specific Note Resolutions, establishes the terms of the Notes.
(d)   The Note Program is a non-exclusive procedure for the issuance of general obligation bond anticipation notes. Council may authorize the issuance of general obligation bond anticipation notes without following the Note Program procedure.
      (Ord. 2009-139. Adopted 4-13-09.)
190.03 NOTE PROGRAM PROCEDURES.
   The County will issue bond anticipation notes in accordance with the following procedures:
(a)    A Note Resolution shall be enacted for each issue of Notes, incorporating the terms of this General Program Ordinance, establishing terms of the issue of Notes to the extent not established in this General Program Ordinance, and determining any changes for that issue of Notes to the terms established by this General Program Ordinance. This General Program Ordinance and the Note Resolution will, together, constitute the legislation for an issue of Notes provided for in Section 133.22 of the Ohio Revised Code.
(b)    The Note Program will only apply to unvoted, general obligation, bond anticipation notes.
(c)    The County Fiscal Officer must deliver a fiscal officer's certificate of maximum maturity under Section 133.20 of the Ohio Revised Code, before Council enacts a Note Resolution for a new-money issue of Notes, for an issue of Notes that constitutes both a renewal issue and a new-money issue, or when the estimated lives of those assets to be financed with an issue of renewal notes have changed from the original estimated lives of those assets as financed with the notes being refunded.
(d)    Each Note Resolution must do the following:
(1)    It must authorize the issuance of Notes.
(2)    It must state the following with respect to the Bonds anticipated by the Notes, as provided in Section 133.22(A)(1) of the Ohio Revised Code:
A.    The purpose;
B.    The maximum principal amount;
C.    The estimated principal payment schedule;
D.    The estimated average annual interest rate; and
E.    Any source of payment, in addition to the tax levy provided for in Section 190.04.
(3)    It must incorporate the terms of this General Program Ordinance, and must determine, specifically, whether Sections 190.10 or 190.14 or both will apply to the issue of Notes.
(4)    It must establish terms of the Notes, to the extent not established in this General Program Ordinance, including the following, all in accordance with Section l33.22(A)(2) of the Ohio Revised Code.
A.    The maximum principal amount;
B.    The maximum interest rate;
C.    The date; and
D.    The maximum maturity.
(5)    It may make any changes, for that issue of Notes, to the terms established by this General Program Ordinance.
(6)    It must provide for the sale and delivery of the Notes.
(7)    It may provide for the delivery of a Certificate of Award by an Authorized Officer, establishing the principal amounts, interest rate, date, maturity, and redemption provisions, and establishing the terms of the sale, all within the limits imposed by the Note Resolution.
(8)    It must provide for the application of proceeds of the Notes.
      (Ord. 2009-139. Adopted 4-13-09.)
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