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<br />Library Refunding Bonds
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-18
<br />BY: Mayor O'Grady and Councilmembers Tallon, Barker, Dailey Jones and Orlowski
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $6,815,000 FOR
<br />THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br />$6,815,000 OF THE CITY'S OUTSTANDING LIBRARY IMPROVEMENT
<br />BONDS, SERIES 2001, DATED AS OF MAY 1, 2001 AND STATED TO
<br />MATURE ON DECEMBER 1 IN 2011, 2012, 2014, 2016 AND 2020, WHICH
<br />WERE ISSUED FOR THE PURPOSE OF CONSTRUCTING, FURNISHING,
<br />EQUIPPING AND OTHERWISE IMPROVING A FREE PUBLIC LIBRARY
<br />BUILDING AND ACQUIRING, PREPARING, LANDSCAPING AND
<br />OTHERWISE IMPROVING ITS SITE; AUTHORIZING AND DIRECTING
<br />THE CALL FOR OPTIONAL REDEMPTION ON DECEMBER 1, 2010 OF
<br />ALL OF THE REFUNDED BONDS; AUTHORIZING THE EXECUTION AND
<br />DELIVERY OF A BOND REGISTRAR AGREEMENT AND A BOND
<br />PURCHASE AGREEMENT WITH RESPECT TO THE REFUNDING BONDS
<br />AND AN ESCROW AGREEMENT WITH RESPECT TO THE REFUNDING
<br />OF REFUNDED BONDS, AND 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 stated in Section 2 and of
<br />levying taxes outside the 11.1-mill limitation provided by the City Charter to pay the debt charges on
<br />those bonds and any anticipatory securities, the requisite majority of those voting on the question
<br />voted in favor of it; and
<br />WHEREAS, pursuant to Ordinance No. 2001-33 passed by the Council of the City on
<br />March 20, 2001 and the Certificate of Award dated May 9, 2001, signed by the City's Mayor and
<br />Director of Finance pursuant thereto, the City issued its $10,750,000 Library Improvement Bonds,
<br />Series 2001 (the Outstanding Bonds), dated May 1, 2001, to currently refund certain prior bond
<br />anticipation notes issued for that purpose on December 21, 2000 and January 31, 2001; and
<br />WHEREAS, this Council finds and determines that the City should (i) to refund at a
<br />lower interest cost the $6,815,000 of the Original Bonds now outstanding that are stated to mature on
<br />December 1 in the years 2011, 2012, 2014, 2016 and 2020 (the Refunded Bonds), (ii) to exercise the
<br />City's option to call those Refunded Bonds for optional redemption on December 1, 2010, and (iii) to
<br />authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding and
<br />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, 2020, the final maturity of the Refunded B~~ds;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
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