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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-102
<br />BY: Mayor Kennedy
<br />Library Refunding Bonds - Voted
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $3,075,000 FOR
<br />THE PURPOSE OF REFUNDING FOR DEBT SERVICE SAVINGS THE
<br />$3,075,000 OF THE CITY'S OUTSTANDING CAPITAL IMPROVEMENT
<br />REFUNDING BONDS, SERIES 2006D, DATED AS OF JUNE 29, 2006, THAT
<br />ARE STATED TO MATURE ON DECEMBER 1, 2020 AND WERE ISSUED
<br />FOR THE PURPOSE OF ADVANCE REFUNDING CERTAIN OF THE CITY'S
<br />THEN OUTSTANDING LIBRARY IMPROVEMENT BONDS, SERIES 2001,
<br />DATED AS OF MAY 1, 2001, AND ISSUED FOR THE PURPOSE OF
<br />CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE
<br />IMPROVING A FREE PUBLIC LIBRARY BUILDING AND ACQUIRING,
<br />PREPARING, LANDSCAPING AND OTHERWISE IMPROVING ITS SITE;
<br />AUTHORIZING AND DIRECTING THE CALL OF ALL OF THE REFUNDED
<br />BONDS FOR OPTIONAL REDEMPTION; AUTHORIZING THE EXECUTION
<br />AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING
<br />DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT WITH
<br />RESPECT TO THE REFUNDING BONDS AND AN ESCROW AGREEMENT
<br />WITH RESPECT TO THE REFUNDING OF REFUNDED BONDS, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, at an election held on November 7, 2000, on the question of issuing bonds
<br />of the City in the aggregate principal amount of $10,750,000 for the purpose of constructing,
<br />furnishing, equipping and otherwise improving a free public library building and acquiring,
<br />preparing, landscaping and otherwise improving its site and of levying taxes outside the 11.1 -mill
<br />limitation provided by the City Charter to pay the debt charges on those bonds and any anticipatory
<br />securities, the requisite majority of those voting on the question voted in favor of it; and
<br />WHEREAS, pursuant to Ordinance No. 2000-158 passed by this Council on November
<br />27, 2000, the City issued its $2,750,000 Library Improvement Notes, Series 2000 (the Series 2000
<br />Notes), dated December 21, 2000, as the first installment of the indebtedness authorized at that
<br />election; and
<br />WHEREAS, pursuant to Ordinance No. 2000-163 passed by this Council on December
<br />19, 2000, the City issued its $8,000,000 Library Improvement Notes, Series 2001 (the Series 2001
<br />Notes), dated January 31, 2001, as a second and final installment of the indebtedness authorized at
<br />that election; and
<br />WHEREAS, pursuant to Ordinance No. 2001-33 passed by this Council on March 20,
<br />2001 and the Certificate of Award dated May 9, 2001, signed by the City's Mayor and Director of
<br />Finance pursuant thereto, the City issued its $10,750,000 Library Improvement Bonds, Series 2001
<br />(the Original Bonds), dated as of May 1, 2001, to currently refund the Series 2000 Notes and the
<br />Series 2001 Notes; and
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