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ORDINANCE NO.2006-32
<br />BY: Mayor O'Grady and Councilmembers Tallon, Barker, Dailey Jones and Orlowski
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $305,000 FOR THE
<br />PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE $285,000
<br />OF OUTSTANDING STORM WATER DRAINAGE SYSTEM
<br />IMPROVEMENT BONDS, SERIES 2001, THAT WERE ISSUED AS A PART
<br />OF A CONSOLIDATED ISSUE OF CAPITAL IMPROVEMENT AND
<br />REFUNDING BONDS, SERIES 2001, DATED AS OF MAY 1, 2001, FOR THE
<br />PURPOSE OF IMPROVING THE CITY'S STORM WATER DRAINAGE
<br />SYSTEM BY CONSTRUCTING, RECONSTRUCTING AND OTHERWISE
<br />IMPROVING STORM SEWERS AND OTHER STORM WATER DRAINAGE
<br />FACILITIES, TOGETHER WITH THE NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO, AND ARE STATED TO MATURE ON
<br />DECEMBER 1 IN 2013 THROUGH 2016 AND 2021; AUTHORIZING AND
<br />DIRECTING THE CALL FOR OPTIONAL REDEMPTION ON DECEMBER 1,
<br />2010 OF ALL OF THE REFUNDED BONDS; AND AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT
<br />AND A BOND PURCHASE AGREEMENT WITH RESPECT TO THE
<br />REFUNDING BONDS AND AN ESCROW AGREEMENT WITH RESPECT TO
<br />THE REFUNDING OF REFUNDED BONDS.
<br />WHEREAS, pursuant to Ordinance No. 2001-19, passed by this Council on March 20,
<br />2001, and the related certificate of award dated May 9, 2001, signed by the Mayor and the Director of
<br />Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its $510,000
<br />Storm Water Drainage System Improvement Bonds, Series 2001 (the Original Bonds), as part of a
<br />consolidated issue of $12,430,000 Capital Improvement and Refunding Bonds, Series 2001, dated as
<br />of May 1, 2001, for the purpose of improving the City's storm water drainage systen, by
<br />constructing, reconstructing and otherwise improving storm sewers and other storm water
<br />drainage facilities, together with the necessary appurtenances and work incidental thereto; and
<br />WHEREAS, this Council finds and determines that the City should (i) refund at a lower
<br />interest cost the $285,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1 in the years from 2013 through 2016 and 2021 (the Refunded Bonds), (ii) exercise the
<br />City's option to call those Refunded Bonds for optional redemption on December 1, 2010, and (iii)
<br />authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding and
<br />call; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvement described in Section 2 was,
<br />at the time of issuance of the Original Bonds, at least five years and that the maximum maturity of the
<br />Bonds described in Section 2 is at least December 1, 2021, the final maturity of the Refunded Bonds;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
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