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Series 2017B
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-104
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $277,000 FOR THE
<br />PURPOSE OF REFUNDING FOR DEBT SERVICE SAVINGS THE $277,000 OF
<br />THE CITY'S OUTSTANDING RECREATION CENTER IMPROVEMENT
<br />REFUNDING BONDS, SERIES 2006H, THAT ARE STATED TO MATURE ON
<br />DECEMBER 1 IN EACH OF THE YEARS FROM 2017 THROUGH 2020 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. 2000-87, passed by this Council on July 18,
<br />2000, and the related certificate of award dated September 8, 2000, signed by the Mayor and the
<br />Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its
<br />$945,000 Recreation Center Improvement Bonds, Series 2000 (the Original Bonds), as part of a
<br />consolidated issue of $6,845,000 Various Purpose Improvement Bonds, Series 2000, dated as of
<br />September 1, 2000, for the purpose of improving the City's park and recreational facilities by
<br />remodeling, renovating, rehabilitating and otherwise improving the Recreation Center (the Project)
<br />and to provide funds to retire bond anticipation notes previously issued for the Project; and
<br />WHEREAS, pursuant to Ordinance No. 2006-27, passed by this Council on February
<br />21, 2006, as amended by Ordinance No. 2006-104 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 2006H Bond Legislation), the City issued its
<br />$630,000 Recreation Center Improvement Refunding Bonds, Series 2006H (the Series 2006H
<br />Bonds), as a part of a consolidated issue of $19,645,000 Capital Improvement Refunding Bonds,
<br />Series 2006C, dated as of June 29, 2006, to advance refund at a lower interest cost the $590,000
<br />of the Original Bonds then outstanding that were stated to mature on December 1, 2020; and
<br />WHEREAS, this Council now finds and determines that the City should (i) refund for
<br />debt service savings the $277,000 of the Series 2006H Bonds that are outstanding and stated to
<br />mature on December 1 in each of the years from 2017 through 2020 (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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