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<br />Series K
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-30
<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 $1,500,000 FOR
<br />THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br />$1,410,000 OF OUTSTANDING SPRINGVALE GOLF COURSE AND
<br />BALLROOM IMPROVEMENT BONDS, SERIES 2001, THAT WERE ISSUED
<br />AS A PART OF A CONSOLIDATED ISSUE OF CAPITAL IMPROVEMENT
<br />AND REFUNDING BONDS, SERIES 2001, DATED AS OF MAY 1, 2001, FOR
<br />THE PURPOSE OF IMPROVING THE CITY'S SPRINGVALE GOLF COURSE
<br />AND BALLROOM FACILITY BY CONSTRUCTING AN IRRIGATION
<br />SYSTEM, A MAINTENANCE AND STORAGE BUILDING AND DRAINAGE,
<br />CART PATH AND OTHER IMPROVEMENTS FOR THE GOLF COURSE AND
<br />RENOVATING, REMODELING, ADDING TO, FURNISHING, EQUIPPING
<br />AND OTHERWISE IMPROVING THE CLUBHOUSE AND BALLROOM AND
<br />ARE STATED TO MATURE ON DECEMBER 1 IN 2013 THROUGH 2016 AND
<br />2021; 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. 2001-17, 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 $2,500,000
<br />Springvale Golf Course and Ballroom Improvement Bonds, Series 2001 (the Original Bonds), as part
<br />of a consolidated issue of $12,430,000 Capital Improvement and Refunding Bonds, Series 2001,
<br />dated as of May 1, 2001, for the purpose of improving the City's Springvale Golf Course and
<br />Ballroom facility by constructing an irrigation system, a maintenance and storage building and
<br />drainage, cart path and other improvements for the Golf Course and renovating, remodeling, adding
<br />to, furnishing, equipping and otherwise improving the Clubhouse and Ballroom; and
<br />WHEREAS, this Council finds and determines that the City should (i) refund at a lower
<br />interest cost the $1,410,000 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;
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