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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001- 36
<br />BY: Councilmember ?cKa
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $1,313,000 FOR
<br />THE PURPOSE OF ADVANCE REFUNDING AT A LOWER INTEREST
<br />COST THE $1,192,000 OF OUTSTANDING STREET IMPROVEMENT
<br />BONDS, SERIES 1992C, THAT ARE STATED TO MATURE ON DECEMBER
<br />15, 2012 AND WERE ISSUED AS A PART OF THE CONSOLIDATED ISSUE
<br />OF VARIOUS PURPOSE BONDS, SERIES 1992, DATED AS OF DECEMBER
<br />1, 1992, TO PAY COSTS OF IMPROVING SILVERDALE ROAD, SELHURST
<br />ROAD AND DUANE ROAD BY GRADING, DRAINING, CURBING,
<br />RECONSTRUCTING THE PAVEMENT BASE, WIDENING, PREPARING
<br />THE SURFACE AND PAVING WITH CONCRETE, RECONSTRUCTING
<br />STORM SEWERS, SANITARY SEWERS, WATER MAINS AND DRIVEWAY
<br />APRONS WHERE NECESSARY, CONSTRUCTTNG SIDEWALKS AND
<br />INSTALLING ABOVE-GROUND WIRES AND CABLES FOR STREET
<br />LIGHTING, TOGETHER WITH THE NECESSARY APPURTENANCES AND
<br />WORK INCIDENTAL THERETO; AUTHORIZING AND DIRECTING THE
<br />CALL FOR OPTIONAL REDEMPTION ON DECEMBER 15, 2002 OF ALL OF
<br />THE REFUNDED BONDS; AUTHORIZING THE EXECUTION AND
<br />DELIVERY OF A BOND REGISTRAR AGREEMENT AND A BOND
<br />PURCHASE AGREEMENT WITH RESPECT TO THE REFUNDING BONDS
<br />AND AN ESCROW AGREEMENT WITH RESPECT TO THE ADVANCE
<br />REFUNDING OF REFUNDED BONDS, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 92-116, 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 $1,438,500
<br />Street Improvement Bonds, Series 1992C (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 Silverdale Road, Selhurst Road and Duane Road by grading, draining, curbing,
<br />reconstructing the pavement base, widening, preparing the surface and paving with concrete,
<br />reconstructing storm sewers, sanitary sewers, water mains and driveway aprons where necessary,
<br />constructing sidewalks and installing above-ground wires and cables for street lighting, together
<br />with the necessary appurtenances and work incidental 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 $1,192,000 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
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