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Series 2015D
<br /> CITY OF NORTH OLMSTED
<br /> ORDINANCE NO. 2015-84
<br /> BY: Mayor Kennedy
<br /> AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br /> IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,390,000 TO
<br /> PROVIDE FUNDS TO PAY COSTS OF IMPROVING THE CITY'S STORM
<br /> WATER DRAINAGE SYSTEM BY REPLACING A CULVERT IN WINDSOR
<br /> DRIVE, AND CONSTRUCTING, RECONSTRUCTING AND OTHERWISE
<br /> IMPROVING STORM WATER DETENTION BASINS, INFILTRATION
<br /> TRENCHES, SWALES, STORM SEWER LINES AND OTHER RELATED
<br /> IMPROVEMENTS, IN EACH CASE TOGETHER WITH WORK
<br /> INCIDENTAL THERETO; AUTHORIZING AND DIRECTING THE
<br /> PREPAYMENT OF OUTSTANDING NOTES ISSUED IN ANTICIPATION OF
<br /> THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A
<br /> BOND REGISTRAR AGREEMENT, A CONTINUING DISCLOSURE
<br /> AGREEMENT AND A BOND PURCHASE AGREEMENT, AND DECLARING
<br /> AN EMERGENCY.
<br /> WHEREAS, pursuant to Ordinance No. 2013-108 passed by this Council on
<br /> December 17, 2013, a note in anticipation of bonds in the amount of $425,000 was issued to
<br /> provide funds to pay costs of improving the City's storm water drainage system by replacing a
<br /> culvert in Windsor Drive, together with work incidental thereto, as part of a consolidated issue of
<br /> $2,575,000 Capital Improvement Notes, Series 2014, dated February 5, 2014, which note was
<br /> retired at maturity with funds available to the City and the proceeds of a $385,000 note (the
<br /> Outstanding Series A Note), issued in anticipation of bonds pursuant to Ordinance No. 2014-93
<br /> passed by this Council on December 18, 2014 and a certificate of award dated January 21, 2015
<br /> (the Prior Series A Note Legislation), as part of a consolidated issue of $5,340,000 Capital
<br /> Improvement Notes, Series 2014, dated February 3, 2015 (the 2015 Consolidated Note Issue);
<br /> and
<br /> WHEREAS, pursuant to Ordinance No. 2014-96 passed by this Council on
<br /> December 18, 2014 and a certificate of award dated January 21, 2015 (the Prior Series B Note
<br /> Legislation and, together with the Prior Series A Note Legislation, collectively, the Prior Note
<br /> Legislation), a note in anticipation of bonds in the amount of$1,005,000 (the Outstanding Series
<br /> B Note and, together with the Outstanding Series A Note, collectively, the Outstanding Notes)
<br /> was issued to provide funds to pay costs of improving the City's storm water drainage system by
<br /> constructing, reconstructing and otherwise improving storm water detention basins, infiltration
<br /> trenches, swales, storm sewer lines and other related improvements, together with work
<br /> incidental thereto, as part of the 2015 Consolidated Note Issue; and
<br /> WHEREAS, the Outstanding Notes are to mature on February 3, 2016, but are 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 Notes with proceeds of the Bonds described in Section 2 and other funds available
<br /> to the City, (ii) exercise the City's option to prepay the Outstanding Notes on a date within 30
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