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Series 2015B
<br /> CITY OF NORTH OLMSTED
<br /> ORDINANCE NO. 2015-82
<br /> BY: Mayor Kennedy
<br /> AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br /> IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF$340,000 FOR THE
<br /> PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE$340,000 OF
<br /> THE CITY'S OUTSTANDING STREET IMPROVEMENT BONDS, SERIES
<br /> 2006T, THAT ARE STATED TO MATURE ON DECEMBER 1 IN EACH OF
<br /> THE YEARS FROM 2017 THROUGH 2021 AND WERE ISSUED AS A PART
<br /> OF A CONSOLIDATED ISSUE OF$7,775,000 CAPITAL IMPROVEMENT AND
<br /> REFUNDING BONDS, SERIES 2006A, DATED AS OF MAY 3, 2006, TO
<br /> PROVIDE FUNDS TO PAY COSTS OF IMPROVING CERTAIN DESIGNATED
<br /> STREETS IN THE CITY, IN COOPERATION WITH THE OHIO
<br /> DEPARTMENT OF TRANSPORTATION AND OTHERWISE,BY PREPARING
<br /> THE SURFACE, ADJUSTING MANHOLES AND CATCH BASINS,
<br /> SURFACING AND RESURFACING AND RECONSTRUCTING CURB RAMPS,
<br /> WHERE NECESSARY,IN EACH CASE TOGETHER WITH THE NECESSARY
<br /> APPURTENANCES AND WORK INCIDENTAL THERETO; AUTHORIZING
<br /> AND DIRECTING THE CALL OF ALL OF THE REFUNDED BONDS FOR
<br /> OPTIONAL REDEMPTION; AUTHORIZING THE EXECUTION AND
<br /> 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. 2006-39, passed by this Council on February
<br /> 21, 2006, and the related certificate of award dated April 21, 2006, signed by the Mayor and the
<br /> Director of Finance pursuant thereto (collectively, the Series 2006T Bond Legislation), the City
<br /> issued its $2,090,000 Street Improvement Bonds, Series 2006T (the Series 2006T Bonds), as a
<br /> part of a consolidated issue of $7,775,000 Capital Improvement and Refunding Bonds, Series
<br /> 2006A, dated as of May 3, 2006, to provide funds for the improvements described in Section 2;
<br /> and
<br /> WHEREAS, this Council now finds and determines that the City should (i) refund at
<br /> a lower interest cost the $340,000 of the Series 2006T 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 December 1, 2016, the earliest optional redemption date for the Refunded Bonds, and (iii)
<br /> authorize the issuance and sale of the Bonds described in Section 2 to provide for that refunding
<br /> and call; and
<br /> WHEREAS, the Director of Finance, as the fiscal officer of this City, has certified to
<br /> this Council that the estimated life or period of usefulness of the improvements described in Section
<br /> 2 was at the time of the issuance of the Series 2006T Bonds, at least five years, and that the
<br /> maximum maturity of the Bonds described in Section 2 is at least December 1, 2021, the final
<br /> maturity of the Refunded Bonds;
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