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ORDINANCE N0.2006-22
<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 $2,495,000 FOR
<br />THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br />$2,385,000 OF OUTSTANDING RECREATIONAL FACILITIES BONDS,
<br />SERIES 1996A, THAT WERE ISSUED AS A PART OF A CONSOLIDATED
<br />ISSUE OF VARIOUS PURPOSE IMPROVEMENT BONDS, SERIES 1996,
<br />DATED AS OF NOVEMBER 15, 1996, FOR THE PURPOSE OF ACQUIRING
<br />SPRINGVALE COUNTRY CLUB, INCLUDING LAND AND THE
<br />CLUBHOUSE, MAINTENANCE BUILDING AND OTHER STRUCTURES
<br />LOCATED THEREON, FIXTURES, FURNISHINGS AND EQUIPMENT,
<br />SPRINKLER, UNDERGROUND DRAINAGE AND WATER DISTRIBUTION
<br />SYSTEMS AND RELATED SITE IMPROVEMENTS, ALL TOGETHER WITH
<br />THE NECESSARY APPURTENANCES THERETO, FOR USE AS A GOLF
<br />COURSE AND RECREATIONAL AND COMMUNITY CENTER AND ARE
<br />STATED TO MATURE ON DECEMBER 1 IN 2016 AND 2021;
<br />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. 96-127, 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 />$4,200,000 Recreational Facilities Bonds, Series 1996A (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 acquiring Springvale Country Club, including land and the
<br />clubhouse, maintenance building and other structures located thereon, fixtures, furnishings and
<br />equipment, sprinkler, underground drainage and water distribution systems and related site
<br />improvements, all together with the necessary appurtenances thereto, for use as a golf course and
<br />recreational and community center 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 $2,385,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1 in 2016 and 2021 (the Refunded Bonds), (ii) exercise the City's option to call those
<br />Refunded Bonds for optional redemption on December 1, 2007, and (iii) authorize the issuance and
<br />sale of the Bonds 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 --'as,
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