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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001- 38
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $152,000 FOR THE
<br />PURPOSE OF ADVANCE REFUNDING AT A LOWER INTEREST COST
<br />THE $136,000 OF OUTSTANDING JUDGMENT BONDS, SERIES 1992, THAT
<br />ARE STATED TO MATURE ON DECEMBER 15, 2012 AND WERE ISSUED
<br />AS A PART OF THE CONSOLIDATED ISSUE OF VARIOUS PURPOSE
<br />BONDS, SERIES 1992, DATED AS OF DECEMBER 1, 1992, TO PAY COSTS
<br />OF THE JUDGMENT RENDERED AGAINST THE CITY IN CIVIL ACTION
<br />NUMBER C82-3089 IN THE UNITED STATES DISTRICT COURT FOR THE
<br />NORTHERN DISTRICT OF OHIO, EASTERN DIVISION, AND LOSSES,
<br />DAMAGES AND EXPENSES RELATED THERETO; AUTHORIZING AND
<br />DIRECTING THE CALL FOR OPTIONAL REDEMPTION ON DECEMBER
<br />15, 2002 OF ALL OF THE REFUNDED BONDS; 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 ADVANCE REFUNDING OF REFUNDED BONDS; AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 92-117, passed by this Council on October 6,
<br />1992, and the related certificate of award dated November 25, 1992, signed by the Director of
<br />Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its $206,000
<br />Judgment Bonds, Series 1992 (the Original Bonds), as part of a consolidated issue of $11,085,000
<br />Various Purpose Bonds, Series 1992, dated as of December 1, 1992, to pay costs of the judgment
<br />rendered against the City in the Civil Action Number C82-3089 in the United States District Court
<br />for the Northern District of Ohio, Eastern Division, and losses, damages and expenses related
<br />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 $136,000 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 call 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 maximum maturity of the Bonds described in Section 2 is at least December 15, 2012,
<br />the final maturity of the Refunded 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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