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Series 2017E
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-107
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $868,000 FOR THE
<br />PURPOSE OF REFUNDING FOR DEBT SERVICE SAVINGS THE $868,000 OF
<br />THE CITY'S OUTSTANDING SPRINGVALE GOLF COURSE AND
<br />BALLROOM IMPROVEMENT REFUNDING BONDS, SERIES 2006K, THAT
<br />ARE STATED TO MATURE ON DECEMBER I IN EACH OF THE YEARS
<br />FROM 2017 THROUGH 2021 AND WERE ISSUED AS A PART OF A
<br />CONSOLIDATED ISSUE OF $19,645,000 CAPITAL IMPROVEMENT
<br />REFUNDING BONDS, SERIES 2006C; AUTHORIZING AND DIRECTING THE
<br />CALL OF ALL OF THE REFUNDED BONDS FOR OPTIONAL
<br />REDEMPTION; AUTHORIZING THE EXECUTION AND DELIVERY OF A
<br />BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE
<br />AGREEMENT AND A BOND PURCHASE AGREEMENT WITH RESPECT TO
<br />THE REFUNDING BONDS AND AN ESCROW AGREEMENT WITH
<br />RESPECT TO THE REFUNDING OF REFUNDED BONDS, AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2001-17, passed by this Council on March 20,
<br />2001, and the related certificate of award dated May 9, 2001, signed by the Mayor and the Director
<br />of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its
<br />$2,500,000 Springvale Golf Course and Ballroom Improvement Bonds, Series 2001 (the Original
<br />Bonds), as part of a consolidated issue of $12,430,000 Capital Improvement and Refunding Bonds,
<br />Series 2001, dated as of May 1, 2001, for the purpose of improving the City's Springvale Golf
<br />Course and Ballroom facility by constructing an irrigation system, a maintenance and storage
<br />building and drainage, cart path and other improvements for the Golf Course and renovating,
<br />remodeling, adding to, furnishing, equipping and otherwise improving the Clubhouse and Ballroom
<br />(the Project); and
<br />WHEREAS, pursuant to Ordinance No. 2006-30, passed by this Council on February
<br />21, 2006, as amended by Ordinance No. 2006-107 passed by this Council on May 16, 2006, and
<br />the related certificate of award dated June 20, 2006, signed by the Mayor and the Director of
<br />Finance pursuant thereto (collectively, the Series 2006K Bond Legislation), the City issued its
<br />$1,482,000 Springvale Golf Course and Ballroom Improvement Refunding Bonds, Series 2006K
<br />(the Series 2006K Bonds), as a part of a consolidated issue of $19,645,000 Capital Improvement
<br />Refunding Bonds, Series 2006C, dated as of June 29, 2006, to advance refund at a lower interest
<br />cost the $1,410,000 of the Original Bonds then outstanding that were stated to mature on
<br />December 1 in each of the years from 2013 through 2016 and 2021; and
<br />WHEREAS, this Council now finds and determines that the City should (i) refund for
<br />debt service savings the $868,000 of the Series 2006K Bonds that are outstanding and stated to
<br />mature on December 1 in each of the years from 2017 through 2021 (collectively, the Refunded
<br />Bonds), (ii) exercise the City's option to call all of the Refunded Bonds for optional redemption
<br />on a date within 60 days after the date of issuance of the Bonds determined and specified as
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