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<br />Series G
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-26
<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 $80,000 FOR THE
<br />PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE $75,000 OF
<br />OUTSTANDING POLICE STATION IMPROVEMENT BONDS, SERIES 1996,
<br />THAT WERE ISSUED AS A PART OF A CONSOLIDATED ISSUE OF
<br />VARIOUS PURPOSE IMPROVEMENT BONDS, SERIES 1996, DATED AS OF
<br />NOVEMBER 15, 1996, FOR THE PURPOSE OF CONSTRUCTING,
<br />FURNISHING, EQUIPPING AND OTHERWISE IMPROVING AN ADDITION
<br />TO THE CITY'S POLICE STATION AND PREPARING AND IMPROVING
<br />THE SITE THEREOF AND ARE STATED TO MATURE ON DECEMBER 1,
<br />2016; AUTHORIZING AND DIRECTING THE CALL FOR OPTIONAL
<br />REDEMPTION ON DECEMBER 1, 2007 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. 96-138, passed by this Council on September 17,
<br />1996, and the related certificate of award dated November 20, 1996, signed by the Mayor and the
<br />Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its
<br />$205,000 Police Station Improvement Bonds, Series 1996 (the Original Bonds), as part of a
<br />consolidated issue of $43,020,000 Various Purpose Improvement Bonds, Series 1996, dated as of
<br />November 15, 1996, for the purpose of constructing, furnishing, equipping and otherwise
<br />improving an addition to the City's police station and preparing and improving the site thereof and
<br />to provide funds to retire bond 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 $75,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1, 2016 (the Refunded Bonds), (ii) exercise the City's option to call those Refunded Bonds
<br />for optional redemption on December 1, 2007, 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 *his
<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;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
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