§ 42-143. Definitions.

The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

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

Authority means the state municipal bond authority.

Authorized officers means the mayor, the city clerk, the city manager and the director of finance of the issuer.

Bonds means the Series 2007 bonds, together with any additional bonds heretofore or hereafter issued of equal standing with the Series 2007 bonds.

Engineers means Stantec Consulting, registered engineers of Ann Arbor, Michigan.

Issuer means the City of Cadillac, County of Wexford, Michigan.

Junior lien bonds means the Series 2007 bonds, and any additional bonds that are of equal standing with the Series 2007 bonds, and junior in standing to the senior lien bonds.

MDEQ means the Michigan Department of Environmental Quality.

Outstanding bonds means the issuer's water supply and wastewater system revenue and revenue refunding bonds, Series 1999, dated May 5, 1999, in the outstanding principal amount of $1,445,000.00, and water supply and wastewater system revenue and revenue refunding bonds, Series 2001, dated August 1, 2001, in the outstanding principal amount of $5,165,000.00.

Prior ordinances means, collectively, the ordinances and resolutions adopted by the city council authorizing the issuance of the outstanding bonds.

Project means the acquisition, construction, furnishing and equipping of additions, extensions and improvements to the city's water supply and wastewater system, together with all necessary interests in land, rights of way and all appurtenances and attachments therefor, as described in the plans prepared by the engineers and approved herein.

Purchase contract means the purchase contract to be entered into between the authority and the issuer relating to the purchase by the authority of the Series 2007 bonds.

Revenues and net revenues means 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 prior ordinances and this division.

Senior lien bonds means the outstanding bonds and any additional bonds issued pursuant to the prior ordinances that are of equal standing and priority of lien with the outstanding bonds.

Series 2007 bonds means the water supply and wastewater system junior lien revenue bond, Series 2007, in the principal amount of not to exceed $3,870,000 issued pursuant to this division.

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.

Supplemental agreement means the supplemental agreement among the issuer, the authority and MDEQ relating to the Series 2007 bonds.

System means the entire water supply and wastewater system of the issuer, including the project and all additions, extensions and improvements hereafter acquired.

(Ord. No. 2007-08, § 1, 7-16-2007)