97-006 Ordinance - Laserfiche WebLink

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~~,. r.. WHEREAS, having duly considered all of the foregoing and other relevant circumstances and factors, this Council has further determined that it is appropriate and in the City's interest to authorize the supplementation of the proceedings for the issuance of the Bonds to reflect the City's original understanding and intention that the 2011 Term Bonds were not, and are not, to be subject to redemption prior to their maturity other than pursuant to mandatory sinking fund redemption requirements, recognizing that in so providing the City would forego the opportunity for such an optional redemption of 2011 Term Bonds during the period from December 1, 2007 through November 30, 2011; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1. Consistently with this Council's findings and determinations as set forth in the preambles to this ordinance, the Mayor and the Director of Finance are authorized and directed to (i) execute a supplemental certificate of award for the Bonds, revised Bond forms and other necessary documents and proceedings which properly reflect the City's understanding and intent that the 2011 Term Bonds not be subject to redemption prior to their maturity other than pursuant to mandatory sinking fund redemption requirements, (ii) supplement the final Official Statement to reflect accurately that understanding and (iii) give or cause to be given appropriate notice of such supplementation to the owners of the Bonds, AMBAC Indemnity Corporation, the nationally recognized municipal securities information repositories aixl any State information depository and (iv) take all other actions necessary and appropriate in connection with the foregoing, including, without limitation, any actions necessary to preserve the tax- exempt status of the interest on the Bonds. SECTION 2. This Council fords and determines that all formal actions of this Council and any of its committees concerning and relating to the passage of this ordinance were taken, and all deliberations of this Cou~il and of any of its committees that resulted in those formal actions were held, in meetings open to the public in compliance with the law. -2- ~..w~, .:.~,,.p..,,... .. ..,,.. ~, ~ .