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CITY OF NORTH OLMSTED <br />RESOLUTION NO. 2003 - 79 <br />BY: Mayor Musial <br />A RESOLUTION AUTHORIZING THE MAYOR OF THE CITY OF <br />NORTH OLMSTED TO ENTER INTO AN AGREEMENT WITH <br />BROWNING FERRIS INDUSTRIES OF OHIO, INC. ("BFI'), <br />CONSENTING TO BFI'S ASSIGNMENT, FOR SECURITIZATION <br />PURPOSES, OF ITS RIGHT TO RECEIVE PAYMENT UNDER ITS <br />SOLID WASTE COLLECTION AND DISPOSAL, AND RECYCLABLE <br />MATERIALS COLLECTION AND PROCESSING CONTRACT WITH <br />THE CITY, AND DECLARING AN EMERGENCY. <br />WHEREAS, the City and Browning-Fenis Industries of Ohio, Inc. (`BFI") are parties to <br />a 1996 contract, which has been twice extended by this Council, providing for the collection and <br />disposal by BFI of the City's solid waste, and recyclable materials collection and processing, <br />including yard waste; and <br />WHEREAS, BFI, for internal financing reasons and in order to effect a securitization of <br />its assets, desires to assign to a third party its right to receive payments from the City of North <br />Olmsted pursuant to said contract; and <br />WHEREAS, the assignment will have no effect upon the services to be rendered by BFI <br />to the City under the current contract, as twice extended, and further will not limit the City from <br />enforcing its rights under said contract; and <br />WHEREAS, it is accordingly the desire of this Council to authorize the Mayor to enter <br />into said agreement with BFI; <br />NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1: That the Mayor be and he hereby is authorized to enter into an agreement <br />with Browning-Ferris Industries of Ohio, Inc. ("BFI"), consenting to BFI's assignment of its <br />right to receive payment under its solid waste collection and disposal, and recyclable materials <br />collection and processing, contract with the City of North Olmsted, in substantially the form and <br />substance of the "Consent by City of North Olmsted to Partial Assignment of the Collection and <br />Disposal of Solid Waste, and Recyclable Materials Collection and Processing, Including Yard <br />Waste Agreement," attached to this Resolution and marked as "Exhibit A." <br />