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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2001- 34
<br />BY: Councilmember McKay
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $3,901,000 FOR
<br />THE PURPOSE OF ADVANCE REFUNDING AT A LOWER INTEREST
<br />COST THE $3,538,500 OF OUTSTANDING STREET IMPROVEMENT
<br />BONDS, SERIES 1992A, 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 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 RECONSTRUCTING AND
<br />REHABILITATING STORM SEWERS, SANITARY SEWERS AND WATER
<br />MAINS, BY CONSTRUCTING AND RECONSTRUCTING CURBS,
<br />SIDEWALKS AND DRIVEWAY APRONS, AND BY INSTALLING
<br />UNDERGROUND AND ABOVE-GROUND WIRES AND CABLES FOR
<br />STREET LIGHTING, ALL WHERE NECESSARY, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO;
<br />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. 92-118, 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 $4,420,500
<br />Street Improvement Bonds, Series 1992A (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 reconstructing
<br />and rehabilitating storm sewers, sanitary sewers and water mains, by constructing and
<br />reconstructing curbs, sidewalks and driveway aprons, and by installing underground and
<br />above-ground wires and cables for street lighting, all where necessary, together with the necessary
<br />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 $3,538,500 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)
<br />to authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding
<br />and call; and
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