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ORDINANCE NO. 2006 - 136 BY: Mayor O'Grady AN ORDINANCE TO AMEND SECTIONS 2 AND 3 OF ORDINANCE NO. 2006-22, AS AMENDED, TO PROVIDE FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOiTNT $2,510,000 FOR THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE CITY'S OUTSTANDING RECREATIONAL FACILITIES BONDS, SERIES 1996A, THAT WERE ISSUED AS A PART OF A CONSOLIDATED ISSUE OF VARIOUS PURPOSE IMPROVEMENT BONDS, SERIES 1996, DATED AS OF NOVEMBER 15, 1996, AND ARE STATED TO MATURE ON DECEMBER 1 IN 2016 AND 2021; AND DECLARING AN EMERGENCY. BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Section 2 of Ordinance No. 2006-22 passed on February 21, 2006, as amended by Ordinance No. 2006-99 passed on May 16, 2006, be and is hereby amended to read as follows: "Section 2. Authorized Principal Amount and Yurpose; Application of Proceeds. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $2,510,000 to refund at a lower overall interest cost the Refunded Bonds, which Refunded Bonds were issued for the purpose of acquiring Springvale Country Club, including land and the clubhouse, maintenance building and other structures located thereon, fixtures, furnishings and equipment, sprinkler, underground drainage and water distribution systems and related site improvements, all together with the necessary appurtenances thereto, for use as a golf course and recreational and community center, and to pay expenses related to that refunding and to the issuance of the Bonds. Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and the principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or determination in the Certificate of Award upon the finalization of the terms and provisions of the Bonds. The aggregate principal amount of Bonds to be issued, as so specified in the Certificate of Award, shall be the amount determined by the Mayor and the Director of Finance to be necessary, taking into account any premium above or discount from the aggregate pnncipal amount of the Bonds at which they are sold to the Original Purchaser, to carry out the purpose for which the Bonds are to be issued in a manner consistent with the agreements and covenants of