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.)