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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001-35
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $1,985,000 FOR
<br />THE PURPOSE OF ADVANCE REFUNDiNG AT A LOWER INTEREST
<br />COST THE $1,796,500 OF OUTSTANDING STREET IMPROVEMENT
<br />BONDS, SERIES 1992B, 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 1MPROVING CERTAIN DESIGNATED
<br />STREETS IN THE CITY'S STREET SYSTEM BY GRADING, DRAINING,
<br />CURBING, RECONSTRUCTING THE PAVEMENT BASE, WIDENING,
<br />PREPARING THE SURFACE AND PAVING, BY CONSTRUCTING,
<br />RECONSTRUCTING AND REHABILITATING STORM SEWERS,
<br />SANITARY SEWERS AND WATER MAINS, BY RECONSTRUCTING
<br />CURBS, SIDEWALKS AND DRIVEWAY APRONS, BY ACQUIRING AND
<br />INSTALLING SIGNALS, SIGNS AND OTHER EQUIPMENT AND DEVICES
<br />TO DIRECT AND CONTROL TRAFFIC AND BY INSTALLING
<br />UNDERGROUND WIRES AND CABLES FOR STREET LIGHTING, ALL
<br />WHERE NECESSARY, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO; AUTHORIZING
<br />AND DIRECTING THE CALL FOR OPTIONAL REDEMPTION ON
<br />DECEMBER 15, 2002 OF ALL OF THE REFUNDED BONDS; AUTHORIZING
<br />THE EXECUTION AND DELIVERY OF A BOND REGISTRAR
<br />AGREEMENT AND A BOND PURCHASE AGREEMENT WITH RESPECT
<br />TO THE REFUNDING BONDS AND AN ESCROW AGREEMENT WITH
<br />RESPECT TO THE ADVANCE REFUNDING OF REFUNDED BONDS, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 92-111, 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 $2,364,000
<br />Street Improvement Bonds, Series 1992B (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 certain designated streets in the City's street system by grading, draining, curbing,
<br />reconstructing the pavement base, widening, preparing the surface and paving, by constructing,
<br />reconstructing and rehabilitating storm sewers, sanitary sewers and water mains, by reconstructing
<br />curbs, sidewalks and driveway aprons, by acquiring and installing signals, signs and other
<br />equipment and devices to direct and control traffic and by installing underground wires and cables
<br />for street lighting, all where necessary, together with the necessary appurtenances and work
<br />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 $1,796,500 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)
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