Laserfiche WebLink
<br /> <br />Series I <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO.2006-28 <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 $605,000 FOR THE <br />PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE $560,000 <br />OF OUTSTANDING SANITARY SEWERAGE SYSTEM IMPROVEMENT <br />BONDS, SERIES 2000, THAT WERE ISSUED AS A PART OF A <br />CONSOLIDATED ISSUE OF VARIOUS PURPOSE IMPROVEMENT BONDS, <br />SERIES 2000, DATED AS OF SEPTEMBER 1, 2000, FOR THE PURPOSE OF <br />IMPROVING THE CITY'S SANITARY SEWERAGE SYSTEM BY <br />CONSTRUCTING SANITARY SEWERS, FORCE MAINS AND PUMPING <br />FACILITIES AND BY CONSTRUCTING AND RECONSTRUCTING STORM <br />SEWERS AND OTHER STORM WATER DRAINAGE FACILITIES AND <br />IMPROVEMENTS TO CONTROL AND LIMIT THE VOLUME OF STORM <br />WATER ENTERING OR OTHERWISE AFFECTING THE SANITARY <br />SEWERAGE SYSTEM, IN EACH CASE TOGETHER WITH THE NECESSARY <br />APPURTENANCES AND WORK INCIDENTAL THERETO, AND ARE <br />STATED TO MATURE ON DECEMBER 1, 2020; 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. 2000-86, 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 />$895,000 Sanitary Sewerage System Improvement Bonds, Series 2000 (the Original Bonds), as part <br />of a consolidated issue of $6,845,000 Various Purpose Improvement Bonds, Series 2000, dated as of <br />September 1, 2000, for the purpose of improving the City's sanitary sewerage system by constructing <br />sanitary sewers, force mains and pumping facilities and by constructing and reconstructing storm <br />sewers and other storm water drainage facilities and improvements to control and limit the volume of <br />storm water entering or otherwise affecting the sanitary sewerage system, in each case together with <br />the necessary appurtenances and work incidental thereto 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 $560,000 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 Bonds <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 />