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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001- 3 7
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $303,000 FOR THE
<br />PURPOSE OF ADVANCE REFUNDING AT A LOWER INTEREST COST
<br />THE $272,000 OF OUTSTANDING STREET IMPROVEMENT BONDS,
<br />SERIES 1992D, THAT ARE STATED TO MATURE ON DECEMBER 15, 2012
<br />AND WERE ISSUED AS A PART OF THE CONSOLIDATED ISSUE OF
<br />VARIOUS PURPOSE BONDS, SERIES 1992, DATED AS OF DECEMBER 1,
<br />1992, TO PAY COSTS OF IMPROVING GREAT NORTHERN BOULEVARD,
<br />COUNTRY CLUB BOULEVARD, VICTORIA LANE AND KENNEDY RIDGE
<br />ROAD BETWEEN CERTAIN TERMINI BY REMOVING THE EXISTING
<br />PAVEMENT, GRADING, DRAINING, CURBING, PREPARING THE
<br />PAVEMENT BASE, PAVING AND CONSTRUCTING AND
<br />RECONSTRUCTING STORM SEWERS AND SANITARY SEWERS, WHERE
<br />NECESSARY, 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. 92-112, 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 $350,000
<br />Street Improvement Bonds, Series 1992D (the Original Bonds), as part of a consolidated issue of
<br />$11,085,000 Various Purpose Bonds, Series 1992, dated as of December 1, 1992, to pay costs of
<br />improving Great Northern Boulevard, Country Club Boulevard, Victoria Lane and Kennedy Ridge
<br />Road between certain termini by removing the existing pavement, grading, draining, curbing,
<br />preparing the pavement base, paving and constructing and reconstructing storm sewers and
<br />sanitary sewers, where necessary, 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 $272,000 of the Original Bonds now
<br />outstanding that are stated to mature on December 15, 2012 (the Refunded Bonds), (ii) to exercise the
<br />City's option to call those Refunded Bonds for optional redemption on December 15, 2002, and (iii)
<br />to authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding
<br />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;
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