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ORDINANCE N0.2006-25
<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 $570,000 FOR THE
<br />PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE $470,000
<br />OF OUTSTANDING STORM WATER DRAINAGE SYSTEM
<br />IMPROVEMENT BONDS, SERIES 1996A, AND THE $95,000 OF
<br />OUTSTANDING STORM WATER DRAINAGE SYSTEM IMPROVEMENT
<br />BONDS, SERIES 1996B THAT WERE ISSUED AS A PART OF A
<br />CONSOLIDATED ISSUE OF VARIOUS PURPOSE IMPROVEMENT BONDS,
<br />SERIES 1996, DATED AS OF NOVEMBER 15, 1996, FOR THE PURPOSE OF
<br />IMPROVING THE CITY'S STORM WATER DRAINAGE SYSTEM BY
<br />CONSTRUCTING, RECONSTRUCTING, REHABILITATING AND
<br />OTHERWISE IMPROVING STORM SEWERS, CULVERTS, RETENTION
<br />BASINS AND OTHER STORM WATER DRAINAGE FACILITIES,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND ARE STATED TO MATURE ON
<br />DECEMBER 1, 2016; AUTHORIZING AND DIRECTING THE CALL FOR
<br />OPTIONAL REDEMPTION ON DECEMBER 1, 2007 OF ALL OF THE
<br />REFUNDED BONDS; AND AUTHORIZING THE EXECUTION AND
<br />DELIVERY OF A BOND REGISTRAR AGREEMENT AND A BOND
<br />PURCHASE AGREEMENT WITH RESPECT TO THE REFUNDING BONDS
<br />AND AN ESCROW AGREEMENT WITH RESPECT TO THE REFUNDING
<br />OF REFUNDED BONDS.
<br />WHEREAS, pursuant to Ordinance No. 96-132, 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 Series A Bond Legislation), the City
<br />issued its $895,000 Storm Water Drainage System Improvement Bonds, Series 1996A (the Original
<br />Series A Bonds), as part of a consolidated issue of $43,020,000 Various Purpose Improvement Bonds,
<br />Series 1996, dated as of November 15, 1996 (the Consolidated 1996 Issue), for the purpos;; of
<br />improving the City's storm water drainage system by constructing, reconstructing and otherwise
<br />improving storm sewers, culverts, retention basins and other storm water drainage facilities,
<br />together with the necessary appurtenances and work incidental thereto, and to provide funds to
<br />retire bond anticipation notes previously issued for that purpose; and
<br />WHEREAS, pursuant to Ordinance No. 96-137, 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 Series B Bond Legislation), the City
<br />issued its $260,000 Storm Water Drainage System Improvement Bonds, Series 1996B (the Original
<br />Series B Bonds), as part of the Consolidated 1996 Issue, for the purpose of improving the City's
<br />storm water drainage system by rehabilitating and improving an existing storm water culvert
<br />located under South Barton Road approximately 1,700 feet south of Lorain Road, related
<br />underground storm water retention basins and related open storm water drainage ditches and
<br />acquiring interests in real estate therefor, together with the necessary appurtenances and work
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