|
Series 2017C
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2016-105
<br />BY: Mayor Kennedy
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $261,000 FOR THE
<br />PURPOSE OF REFUNDING FOR DEBT SERVICE SAVINGS THE $261,000 OF
<br />THE CITY'S OUTSTANDING SANITARY SEWERAGE SYSTEM
<br />IMPROVEMENT REFUNDING BONDS, SERIES 20061, THAT ARE STATED
<br />TO MATURE ON DECEMBER 1 IN EACH OF THE YEARS FROM 2017
<br />THROUGH 2020 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. 2000-86, 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 />$895,000 Sanitary Sewerage System Improvement Bonds, Series 2000 (the Original Bonds), as part
<br />of a consolidated issue of $6,845,000 Various Purpose Improvement Bonds, Series 2000, dated as
<br />of September 1, 2000, for the purpose of improving the City's sanitary sewerage system by
<br />constructing sanitary sewers, force mains and pumping facilities and by constructing and
<br />reconstructing storm sewers and other storm water drainage facilities and improvements to control
<br />and limit the volume of storm water entering or otherwise affecting the sanitary sewerage system, in
<br />each case together with the necessary appurtenances and work incidental thereto (the Project) and to
<br />provide funds to retire bond anticipation notes previously issued for the Project; and
<br />WHEREAS, pursuant to Ordinance No. 2006-28, passed by this Council on February
<br />21, 2006, as amended by Ordinance No. 2006-105 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 2006I Bond Legislation), the City issued its
<br />$598,000 Sanitary Sewerage System Improvement Refunding Bonds, Series 2006I (the Series
<br />2006I Bonds), as a part of a consolidated issue of $19,645,000 Capital Improvement Refunding
<br />Bonds, Series 2006C, dated as of June 29, 2006, to advance refund at a lower interest cost the
<br />$560,000 of the Original Bonds then outstanding that were stated to mature on December 1,
<br />2020; and
<br />WHEREAS, this Council now finds and determines that the City should (i) refund for
<br />debt service savings the $261,000 of the Series 2006I 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 />
|