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ORDINANCE NO.2006-24
<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 $1,935,000 FOR
<br />THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br />$1,920,000 OF OUTSTANDING STREET IMPROVEMENT BONDS, SERIES
<br />1996B, 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 IMPROVING CERTAIN
<br />DESIGNATED STREETS IN THE CITY'S STREET SYSTEM BY GRADING,
<br />DRAINING, RECONSTRUCTING THE PAVEMENT BASE, PREPARING
<br />THE SURFACE AND SURFACING AND RESURFACING, CONSTRUCTING,
<br />RECONSTRUCTING AND REHABILITATING CATCH BASINS, CURBS,
<br />DRIVEWAY APRONS, SANITARY SEWERS AND SANITARY SEWER
<br />SERVICE CONNECTIONS, SIDEWALKS, STORM SEWERS AND WATER
<br />MAINS AND WATER SERVICE CONNECTIONS AND INSTALLING
<br />STREET LIGHTING, ALL WHERE NECESSARY, IN EACH CASE
<br />TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO, AND ARE STATED TO MATURE ON DECEMBER
<br />1, 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. 96-128, 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 />$3,920,000 Street Improvement Bonds, Series 1996B (the Original Bonds), as part of a consolidated
<br />issue of $43,020,000 Various Purpose Improvement Bonds, Series 1996, dated as of November 15,
<br />1996, for the purpose set forth in Section 2 and to provide funds to retire bond anticipation notes
<br />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 $1,920,000 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 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, 2016, the final maturity of the Refunded Bonds;
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