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Series A
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-20
<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 $5,935,000 FOR
<br />THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br />$5,900,000 OF OUTSTANDING SANITARY SEWER IMPROVEMENT BONDS,
<br />SERIES 1996, 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 IMPROVING
<br />THE CITY'S SANITARY SEWER SYSTEM AND ITS FUNCTIONS BY
<br />CONSTRUCTING, RECONSTRUCTING, REHABILITATING AND
<br />REPLACING SANITARY SEWERS, SANITARY SEWER CONNECTIONS
<br />AND PUMPING AND RETENTION FACILITIES, BY IMPROVING AND
<br />EQUIPPING THE WASTEWATER TREATMENT PLANT AND BY
<br />CONSTRUCTING AND RECONSTRUCTING STORM SEWERS AND
<br />OTHER STORM WATER DRAINAGE FACILITIES AND IMPROVEMENTS
<br />TO CONTROL AND LIMIT THE VOLUME OF STORM WATER ENTERING
<br />OR OTHERWISE AFFECTING THE SANITARY SEWERAGE SYSTEM,
<br />TOGETHER IN ALL CASES WITH ANY NECESSARY APPURTENANCES
<br />AND THE PERFORMANCE OF ANY INCIDENTAL WORK, AND ARE
<br />STATED TO MATURE ON DECEMBER 1, 2016; AUTHORIZING AND
<br />DIRECTING THE CALL FOR OPTIONAL REDEMPTION ON DECEMBER 1,
<br />2007 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. 96-125, 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 />$16,350,000 Sanitary Sewer 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 improving the City's sanitary sewer system and its
<br />functions by constructing, reconstructing, rehabilitating and replacing sanitary sewers, san~~ary
<br />sewer connections and pumping and retention facilities, by improving and equipping the
<br />wastewater treatment plant and by constructing and reconstructing storm sewers and other storm
<br />water drainage facilities and improvements to control and limit the volume of storm water entering
<br />or otherwise affecting the sanitary sewerage system, together in all cases with any necessary
<br />appurtenances and the performance of any incidental work 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 $5,900,000 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
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