§ 42-122. Definitions.

Whenever used in this division, except when otherwise indicated by the context, the following terms shall have the following meanings:

Act 94 means Act 94, Public Acts of Michigan, 1933, as amended.

Bond purchase agreement means the bond purchase agreement relating to the purchase of the Series 2001 bonds by and between the city and the underwriter.

Bonds mean the Series 2001 bonds, and any additional bonds presently of equal standing or hereafter issued.

Escrow agent means Bank of New York, New York.

Issuer or city means the City of Cadillac, County of Wexford, State of Michigan.

Mandatory redemption requirements means the mandatory prior redemption requirements for bonds that are term bonds, if any, as specified in the bond purchase agreement relating to the Series 1999 bonds or in any subsequent ordinance in connection with the issuance of additional bonds.

1993 bonds means the issuer's water supply and wastewater system revenue refunding bonds, Series 1993, dated July 1, 1993, in the outstanding principal amount of $1,405,000.00, which bonds mature serially on September 1 of each of the years 2001 to 2007, inclusive.

1995 bonds means the issuer's water supply and wastewater system revenue bonds, Series 1995, dated September 1, 1995 in the outstanding principal amount of $2,300,000.00, which bonds mature on September 1 of each of the years 2004 to 2012, inclusive.

1999 bonds means the issuer's water supply and wastewater system revenue and revenue refunding bonds, Series 1999, in the outstanding principal amount of $1,915,000.00 which bonds mature on September 1 of each of the years 2001 to 2019, inclusive.

Outstanding bonds means the 1993 bonds, the 1995 bonds and the 1999 bonds.

Outstanding ordinances means Ordinance Nos. 88-07, 89-07, 93- 08, 93-10, 95-20 and 99-03.

Project means the additions, extensions and improvements to the system, together with all necessary appurtenances and additions thereto.

Refunded bonds means all or a portion of the 1995 bonds as shall be finally identified in the sales resolution referred to herein, but preliminarily refers to those 1995 bonds maturing in the years 2008 to 2012, inclusive, aggregating the principal amount of $1,940,000.00.

Revenues and net revenues mean the revenues and net revenues of the system and shall be construed as defined in section 3 of Act 94, including with respect to revenues the earnings derived from the investment of moneys in the various funds and accounts established by the outstanding ordinances and this division.

Sales resolution means the sales resolution to be adopted by the issuer respecting the sale of the Series 2001 bonds.

Series 2001 bonds means the water supply and wastewater system revenue and revenue refunding bonds, Series 2001, of the issuer authorized by the ordinance from which this division is derived.

Sufficient government obligations means direct obligations of the United States of America or obligations, the principal and interest on which is fully guaranteed by the United States of America, not redeemable at the option of the issuer, the principal and interest payments upon which, without reinvestment of the interest, come due at such times and in such amounts as to be fully sufficient to pay the interest as it comes due on the bonds and the principal and redemption premium, if any, on the bonds as it comes due whether on the stated maturity date or upon earlier redemption. Securities representing such obligations shall be placed in trust with a bank or trust company, and if any of the bonds are to be called for redemption prior to maturity, irrevocable instructions to call the bonds for redemption shall be given to the paying agent.

System means the entire water supply and wastewater system of the city as defined in the outstanding ordinances.

Transfer agent means Bank of New York, New York.

Underwriter means Robert W. Baird & Co., Incorporated, as the purchaser of the Series 2001 bonds.

(Prior Code, § 2.279; Ord. No. 88-07, 5-2-1988; Ord. No. 2001-07, 6-4-2001)