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Series 2017A
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-103
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,370,000 FOR
<br />THE PURPOSE OF REFUNDING FOR DEBT SERVICE SAVINGS THE
<br />$1,370,000 OF THE CITY'S OUTSTANDING RECREATIONAL FACILITIES
<br />REFUNDING BONDS, SERIES 2006C, THAT ARE STATED TO MATURE ON
<br />DECEMBER 1 IN EACH OF THE YEARS FROM 2017 THROUGH 2021 AND
<br />WERE ISSUED AS A PART OF A CONSOLIDATED ISSUE OF $19,645,000
<br />CAPITAL IMPROVEMENT REFUNDING BONDS, SERIES 2006C;
<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, pursuant to Ordinance No. 96-127, passed by this Council on September
<br />17, 1996, and the related certificate of award dated November 20, 1996, signed by the Mayor and
<br />the Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City
<br />issued its $4,200,000 Recreational Facilities Bonds, Series 1996A (the Original Bonds), as part of a
<br />consolidated issue of $43,020,000 Various Purpose Improvement Bonds, Series 1996, dated as of
<br />November 15, 1996, for the purpose of acquiring Springvale Country Club, including land and the
<br />clubhouse, maintenance building and other structures located thereon, fixtures, furnishings and
<br />equipment, sprinkler, underground drainage and water distribution systems and related site
<br />improvements, all together with the necessary appurtenances thereto, for use as a golf course and
<br />recreational and community center (the Project) and to provide funds to retire bond anticipation
<br />notes previously issued for the Project; and
<br />WHEREAS, pursuant to Ordinance No. 2006-22, passed by this Council on February
<br />21, 2006, as amended by Ordinance No. 2006-99 passed by this Council on May 16, 2006 and
<br />Ordinance No. 2006-136 passed by this Council on June 20, 2006, and the related certificate of
<br />award dated June 20, 2006, signed by the Mayor and the Director of Finance pursuant thereto
<br />(collectively, the Series 2006C Bond Legislation), the City issued its $2,510,000 Recreational
<br />Facilities Refunding Bonds, Series 2006C (the Series 2006C Bonds), as a part of a consolidated
<br />issue of $19,645,000 Capital Improvement Refunding Bonds, Series 2006C, dated as of June 29,
<br />2006, to advance refund at a lower interest cost the $2,385,000 of the Original Bonds then
<br />outstanding that were stated to mature on December 1 in 2016 and 2021; and
<br />WHEREAS, this Council now finds and determines that the City should (i) refund for
<br />debt service savings the $1,370,000 of the Series 2006C 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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