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<br />Series L
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-31
<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 $520,000 FOR THE
<br />PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE $515,000
<br />OF OUTSTANDING STREET IMPROVEMENT BONDS, SERIES 2001, THAT
<br />WERE ISSUED AS A PART OF A CONSOLIDATED ISSUE OF CAPITAL
<br />IMPROVEMENT AND REFUNDING BONDS, SERIES 2001, DATED AS OF
<br />MAY 1, 2001, FOR THE PURPOSE OF IMPROVING CERTAIN DESIGNATED
<br />STREETS IN THE CITY, IN COOPERATION WITH CUYAHOGA COUNTY
<br />AND OTHERWISE, BY GRADING, DRAINING, WIDENING,
<br />RECONSTRUCTING THE PAVEMENT BASE, PREPARING THE SURFACE,
<br />SURFACING AND RESURFACING, CONSTRUCTING AND
<br />RECONSTRUCTING CURBS, GUTTERS, CATCH BASINS, STORM SEWERS,
<br />SANITARY SEWERS, WATER LINES, SIDEWALKS AND DRIVEWAY
<br />APPROACHES AND INSTALLING TRAFFIC SIGNS AND SIGNALIZATION,
<br />STREET LIGHTING AND RELATED UNDERGROUND WIRING, WHERE
<br />NECESSARY, IN EACH CASE TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO, AND ARE
<br />STATED TO MATURE ON DECEMBER 1 IN 2013 THROUGH 2016;
<br />AUTHORIZING AND DIRECTING THE CALL FOR OPTIONAL
<br />REDEMPTION ON DECEMBER 1, 2010 OF ALL OF THE REFUNDED
<br />BONDS; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
<br />BOND REGISTRAR AGREEMENT AND A BOND PURCHASE AGREEMENT
<br />WITH RESPECT TO THE REFUNDING BONDS AND AN ESCROW
<br />AGREEMENT WITH RESPECT TO THE REFUNDING OF REFUNDED
<br />BONDS.
<br />WHEREAS, pursuant to Ordinance No. 2001-18, 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 $1,540,000
<br />Street Improvement Bonds, Series 2001 (the Original Bonds), as part of a consolidated issue of
<br />$12,430,000 Capital Improvement and Refunding Bonds, Series 2001, dated as of May 1, 2001, for
<br />the purpose set forth in Section 2; and
<br />WHEREAS, this Council finds and determines that the City should (i) refund at a lower
<br />interest cost the $515,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1 in the years from 2013 through 2016 (the Refunded Bonds), (ii) exercise the City's
<br />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, 2016, the final maturity of the Refunded Bonds;
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