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<br />
<br />Series D
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2006-23
<br />BY: Mayor O'Grady and Councilmembers Tallori, Barker, Dailey Jones and Orlowski
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT $1,965,000 FOR
<br />THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br />$1,940,000 OF OUTSTANDING FIRE STATION IMPROVEMENT BONDS,
<br />SERIES 1996, THAT WERE ISSUED AS A PART OF A CONSOLIDATED
<br />ISSUE OF VARIOUS PURPOSE IMPROVEMENT BONDS, SERIES 1996,
<br />DATED AS OF NOVEMBER 15, 1996, FOR THE PURPOSE OF
<br />CONSTRUCTING, FURNISHING AND EQUIPPING A FIRE STATION AND
<br />ACQUIRING, PREPARING, IMPROVING AND EQUIPPING ITS SITE AND
<br />ARE STATED TO MATURE ON DECEMBER 1, 2016; AUTHORIZING AND
<br />DIRECTING THE CALL FOR OPTIONAL REDEMPTION ON DECEMBER 1,
<br />2007 OF ALL OF THE REFUNDED BONDS; AND AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT
<br />AND A BOND PURCHASE AGREEMENT WITH RESPECT TO THE
<br />REFUNDING BONDS AND AN ESCROW AGREEMENT WITH RESPECT TO
<br />THE REFUNDING OF REFUNDED BONDS.
<br />WHEREAS, pursuant to Ordinance No. 96-129, passed by this Council on September 17,
<br />1996, and the related certificate of award dated November 20, 1996, signed by the Mayor and the
<br />Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its
<br />$3,440,000 Fire Station Improvement Bonds, Series 1996 (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 constructing, furnishing and equipping a fire station and
<br />acquiring, preparing, improving and equipping its site and to provide funds to retire bond
<br />anticipation notes previously issued for that purpose; and
<br />WHEREAS, this Council finds and determines that the City should (i) refund at a lower
<br />interest cost the $1,940,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1, 2016 (the Refunded Bonds), (ii) exercise the City's option to call those Refunded Bonds
<br />for optional redemption on December 1, 2007, and (iii) authorize the issuance and sale of the Bonds
<br />described in Section 2 to provide for that refunding and call; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the improvement described in Section 2 was,
<br />at the time of issuance of the Original Bonds, at least five years and that the maximum maturity of the
<br />Bonds described in Section 2 is at least December 1, 2016, the final maturity of the Refunded Bonds;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere
<br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
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