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ORDINANCE N0.2006-29
<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 $265,000 FOR THE
<br />PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE $245,000
<br />OF OUTSTANDING STORM WATER DRAINAGE SYSTEM
<br />IMPROVEMENT BONDS, SERIES 2000, THAT WERE ISSUED AS A PART
<br />OF A CONSOLIDATED ISSUE OF VARIOUS PURPOSE IMPROVEMENT
<br />BONDS, SERIES 2000, DATED AS OF SEPTEMBER 1, 2000, FOR THE
<br />PURPOSE OF CONSTRUCTING, RECONSTRUCTING AND OTHERWISE
<br />IMPROVING CITY STORM SEWERS AND STORM WATER DRAINAGE
<br />FACILITIES AND ARE STATED TO MATURE ON DECEMBER 1, 2020;
<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. 2000-85, passed by this Council on July 18,
<br />2000, and the related certificate of award dated September 8, 2000, signed by the Mayor and the
<br />Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its
<br />$400,000 Storm Water Drainage System Improvement Bonds, Series 2000 (the Original Bonds), as
<br />part of a consolidated issue of $6,845,000 Various Purpose Improvement Bonds, Series 2000, dated
<br />as of September 1, 2000, for the purpose of constructing, reconstructing and otherwise improving
<br />City storm sewers and storm water drainage facilities and to provide funds to retire bond
<br />anticipation notes previously issued for that purpose; and
<br />WHEREAS, this Council finds and determines that the City should (i) refund at a lower
<br />interest cost the $245,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1, 2020 (the Refunded Bonds), (ii) exercise the City's option to call those Refunded Bonds
<br />for optional redemption on December 1, 2010, and (iii) authorize the issuance and sale of the B:~ids
<br />described in Section 2 to provide for that refunding and 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, 2020, 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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