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Series 2017F
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-108
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $178,000 FOR THE
<br />PURPOSE OF REFUNDING FOR DEBT SERVICE SAVINGS THE $178,000 OF
<br />THE CITY'S OUTSTANDING STORM WATER DRAINAGE SYSTEM
<br />IMPROVEMENT REFUNDING BONDS, SERIES 2006M, THAT ARE STATED
<br />TO MATURE ON DECEMBER 1 IN EACH OF THE YEARS FROM 2017
<br />THROUGH 2021 AND WERE ISSUED AS A PART OF A CONSOLIDATED
<br />ISSUE OF $19,645,000 CAPITAL IMPROVEMENT REFUNDING BONDS,
<br />SERIES 2006C; AUTHORIZING AND DIRECTING THE CALL OF ALL OF
<br />THE REFUNDED BONDS FOR OPTIONAL REDEMPTION; AUTHORIZING
<br />THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT,
<br />A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE
<br />AGREEMENT WITH RESPECT TO THE REFUNDING BONDS AND AN
<br />ESCROW AGREEMENT WITH RESPECT TO THE REFUNDING OF
<br />REFUNDED BONDS, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2001-19, 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 />$510,000 Storm Water Drainage System Improvement Bonds, Series 2001 (the Original Bonds), as
<br />part of a consolidated issue of $12,430,000 Capital Improvement and Refunding Bonds, Series
<br />2001, dated as of May 1, 2001, for the purpose of improving the City's storm water drainage system
<br />by constructing, reconstructing and otherwise improving storm sewers and other storm water
<br />drainage facilities, together with the necessary appurtenances and work incidental thereto (the
<br />Project); and
<br />WHEREAS, pursuant to Ordinance No. 2006-32, passed by this Council on February
<br />21, 2006, as amended by Ordinance No. 2006-109 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 2006M Bond Legislation), the City issued its
<br />$305,000 Storm Water Drainage System Improvement Refunding Bonds, Series 2006M (the
<br />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 $285,000 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 $178,000 of the Series 2006M 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
<br />provided in Section 7, and (iii) authorize the issuance and sale of the Bonds described in Section
<br />2 to provide for that refunding and call; and
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