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Series 2015C
<br /> CITY OF NORTH OLMSTED
<br /> ORDINANCE NO. 2015-83
<br /> BY: Mayor Kennedy
<br /> AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br /> IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $2,050,000 TO
<br /> PROVIDE FUNDS TO PAY COSTS OF RENOVATING, REMODELING,
<br /> REHABILITATING, FURNISHING, EQUIPPING AND OTHERWISE
<br /> IMPROVING BUILDINGS AND FACILITIES IN THE CITY'S
<br /> RECREATION CENTER COMPLEX AND IMPROVING AND EQUIPPING
<br /> THEIR SITE, TOGETHER WITH ALL NECESSARY APPURTENANCES
<br /> AND WORK INCIDENTAL THERETO; AUTHORIZING AND DIRECTING
<br /> THE PREPAYMENT OF AN OUTSTANDING NOTE ISSUED IN
<br /> ANTICIPATION OF THE BONDS; AUTHORIZING THE EXECUTION AND
<br /> DELIVERY OF A BOND REGISTRAR AGREEMENT, A CONTINUING
<br /> DISCLOSURE AGREEMENT AND A BOND PURCHASE AGREEMENT, AND
<br /> DECLARING AN EMERGENCY.
<br /> WHEREAS, pursuant to Ordinance No. 2013-107 passed by this Council on
<br /> December 17, 2013, a note in anticipation of bonds in the amount of$2,150,000 was issued for
<br /> to provide funds to pay costs of the improvements described in Section 2, as part of a
<br /> consolidated issue of $2,575,000 Capital Improvement Notes, Series 2014, dated February 5,
<br /> 2014, which note was retired at maturity with funds available to the City and the proceeds of a
<br /> $2,050,000 note (the Outstanding Note), issued in anticipation of bonds pursuant to Ordinance
<br /> No. 2014-92 passed by this Council on December 18, 2014 and a certificate of award dated
<br /> January 21, 2015 (the Prior Note Legislation), as part of a consolidated issue of $5,340,000
<br /> Capital Improvement Notes, Series 2014, dated February 3, 2015; and
<br /> WHEREAS, the Outstanding Note is to mature on February 3, 2016, but is now
<br /> subject to prepayment prior to maturity at the option of the City; and
<br /> WHEREAS, this Council finds and determines that the City should (i) retire the
<br /> Outstanding Note with proceeds of the Bonds described in Section 2 and other funds available to
<br /> the City, (ii) exercise the City's option to prepay the Outstanding Note on a date within 30 days
<br /> after the date of issuance of the Bonds determined and specified as provided in Section 7, and
<br /> (iii) authorize the issuance and sale of the Bonds described in Section 2 to provide the funds
<br /> required for the retirement of the Outstanding Note and to pay costs of issuance of the Bonds;
<br /> 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 each class of the improvements
<br /> described in Section 2 is at least five years, and that the maximum maturity of the Bonds described
<br /> in Section 2 is at least twenty years;
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br /> Cuyahoga County, Ohio,that:
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