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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001- 39
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $71,000 FOR THE
<br />PURPOSE OF ADVANCE REFUNDING AT A LOWER INTEREST COST
<br />THE $65,000 OF OUTSTANDING STORM WATER DRAINAGE SYSTEM
<br />IMPROVEMENT BONDS, SERIES 1992, THAT ARE STATED TO MATURE
<br />ON DECEMBER 15, 2012 AND WERE ISSUED AS A PART OF THE
<br />CONSOLIDATED ISSUE OF VARIOUS PURPOSE BONDS, SERIES 1992,
<br />DATED AS OF DECEMBER 1, 1992, TO PAY COSTS OF IMPROVING THE
<br />MUNICIPAL SEWERAGE SYSTEM BY ACQUIRING, CONSTRUCTING
<br />AND INSTALLING STORM SEWERS, STORM WATER RETENTION
<br />BASINS, STORM WATER DRAINAGE CONTROL EQUIPMENT AND
<br />CATCH BASINS, TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO; AUTHORIZING AND DIRECTING THE CALL FOR OPTIONAL
<br />REDEMPTION ON DECEMBER 15, 2002 OF ALL OF THE REFUNDED
<br />BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND
<br />REGISTRAR AGREEMENT AND A BOND PURCHASE AGREEMENT WITH
<br />RESPECT TO THE REFUNDING BONDS AND AN ESCROW AGREEMENT
<br />WITH RESPECT TO THE ADVANCE REFUNDING OF REFUNDED BONDS;
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 92-120, passed by this Council on October 6,
<br />1992, and the related certificate of award dated November 25, 1992, signed by the Directar of
<br />Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its $103,000
<br />Storm Water Drainage System Improvement Bonds, Series 1992 (the Original Bonds), as part of a
<br />consolidated issue of $11,085,000 Various Purpose Bonds, Series 1992, dated as of December 1,
<br />1992, to pay costs of improving the municipal sewerage system by acquiring, constructing and
<br />installing storm sewers, storm water retention basins, storm water drainage control equipment and
<br />catch basins, together with the necessary appurtenances thereto; and
<br />WHEREAS, this Council finds and determines that it is necessary and in the best interest
<br />of the City (i) to advance refund at a lower interest cost the $65,000 of the Original Bonds now
<br />outstanding that are stated to mature on December 15, 2012 ( the Refunded Bonds), (ii) to exercise
<br />the City's option to ca11 those Refunded Bonds for optional redemption on December 15, 2002, and
<br />(iii) to authorize the issuance and sale of the Bonds described in Section 2 to provide for that
<br />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 15, 2012, the final maturity of the Refunded
<br />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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