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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92-122
<br />BY: COUNCIL WOMAN SARINGER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$3,370,000 TO ADVANCE REFUND ALL OF THE OUTSTANDING
<br />PRINCIPAL AMOUNT OF THE $3,615,000 BONDS DATED JUNE 1,
<br />1982, ISSUED FOR THE PURPOSE OF IMPROVING THE RECREA-
<br />TIONAL FACILITIES OF THE CITY BY CONSTRUCTING A
<br />BUILDING HOUSING AN ICE SKATING RINK, SWIMMING POOL,
<br />TENNIS COURTS AND APPURTENANT FACILITIES, CONSTRUCTING
<br />A TOBOGGAN SLIDE, ACQUIRING, DEVELOPING AND IM.PROVING
<br />THE SITE THEREFOR, AND PROVIDING FURNISHINGS AND
<br />EQUIPMENT FOR SUCH RECREATION CENTER AND GROUNDS;
<br />AUTHORIZING THE OPTIONAL REDEMPTION OF THOSE
<br />OUTSTANDING BONDS AND EXECUTION OF AN ESCROW
<br />AGREEMENT; AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-37 passed April 6, 1982, as
<br />amended by Ordinance No. 82-58 passed May 4, 1982, and pursuant to Resolution
<br />No. 82-68 adopted May 4, 1982 (collectively, the Original Bond Legislation),
<br />bonds in the amount of $3,165,000, dated June 1, 1982 (the Original Bonds)
<br />were issued for the purpose stated in Section 1 and to retire, together with
<br />other funds available to the City, notes of the City previously issued for
<br />that purpose; and
<br />WHEREAS, this Council hereby finds and determines that it is in the
<br />best interest of the City (i) to advance refund all of the outstanding prin-
<br />cipal amount of the Original Bonds and to call the Original Bonds maturing on
<br />and after December 1, 1998 for redemption on December 1, 1997, thereby
<br />reducing the debt servi.ce payments to be made by the City, and (ii) to issue
<br />the Bonds described in Section 1 to provide funds to advance refund the
<br />Original Bonds and pay costs of issuance of the Bonds; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City tias
<br />certified to this Council that the estimated life or period of usefulness of
<br />the improvement described in Section 1 is at least five years and the maximum
<br />maturity of the Bonds described in Section 1, determined under Section 133.34
<br />of tlie Revised Code, is June 2, 2014;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the maxi-
<br />mum aggregate pr.incipal amount of $3,370,000 (the Bonds) to advance refund all
<br />of the outstanding principal amount of the $3,615,000 Bonds dated June 1, 1982
<br />(the Original Bonds), issued for ttie purpose of improving the recreational
<br />facilities of the City by constructing a building housing an ice skating rink,
<br />swimming pool, tennis courts and appurtenant facilities, constructing a
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