|
Fire Station Refunding Bonds
<br /> CITY OF NORTH OLMSTED
<br /> ORDINANCE NO. 2015-88
<br /> BY: Mayor Kennedy
<br /> AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br /> IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $2,260,000 FOR
<br /> THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST THE
<br /> $2,260,000 OF THE CITY'S OUTSTANDING CAPITAL IMPROVEMENT AND
<br /> REFUNDING BONDS,SERIES 2006B,DATED AS OF MAY 3,2006,THAT ARE
<br /> STATED TO MATURE ON DECEMBER 1 IN EACH OF THE YEARS FROM
<br /> 2017 THROUGH 2025 AND WERE ISSUED FOR THE PURPOSE OF
<br /> CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE
<br /> IMPROVING A FIRE STATION, PROVIDING FIRE APPARATUS AND
<br /> EQUIPMENT TO BE HOUSED THEREIN AND ACQUIRING, PREPARING
<br /> AND OTHERWISE IMPROVING REAL ESTATE AND INTERESTS
<br /> THEREIN; AUTHORIZING AND DIRECTING THE CALL OF ALL OF THE
<br /> REFUNDED BONDS FOR OPTIONAL REDEMPTION; AUTHORIZING THE
<br /> EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT, A
<br /> CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE
<br /> AGREEMENT WITH RESPECT TO THE REFUNDING BONDS AND AN
<br /> ESCROW AGREEMENT WITH RESPECT TO THE REFUNDING OF
<br /> REFUNDED BONDS,AND DECLARING AN EMERGENCY.
<br /> WHEREAS, at an election held on November 2, 2004, on the question of issuing bonds
<br /> of the City in the aggregate principal amount of $4,000,000 for the purpose of constructing,
<br /> furnishing, equipping and otherwise improving a fire station, providing fire apparatus and
<br /> equipment to be housed therein and acquiring, preparing and otherwise improving real estate and
<br /> interests therein and of levying taxes outside the 11.1 mill limitation provided by the City Charter to
<br /> pay the debt charges on those bonds and any anticipatory securities, the requisite majority of those
<br /> voting on the question voted in favor of it; and
<br /> WHEREAS, pursuant to Ordinance No. 2004-176 passed by this Council on November
<br /> 16, 2000, notes in anticipation of bonds in the principal amount of$3,500,000, dated December 30,
<br /> 2004 (the Series 2004 Notes), were issued as the first installment of the indebtedness authorized at
<br /> that election, which notes were retired at maturity with funds available to the City and the proceeds
<br /> of$3,500,000 notes dated May 3, 2005 (the Series 2005A Notes), issued in anticipation of bonds
<br /> pursuant to Ordinance No. 2005-30 passed April 5, 2005; and
<br /> WHEREAS, pursuant to Ordinance No. 2005-45 passed by this Council on May 4,
<br /> 2005, notes in anticipation of bonds in the principal amount of$500,000, dated June 21, 2005 (the
<br /> Series 2005B Notes), were issued as a second and final installment of the indebtedness authorized at
<br /> that election; and
<br /> WHEREAS, the Series 2005A Notes and the Series 2005B Notes were retired at maturity
<br /> with funds available to the City and the proceeds of $3,990,000 of Capital Improvement and
<br /> Refunding Bonds, Series 2006B (the Series 2006 Bonds), dated as of May 3, 2006, and issued
<br /> pursuant to Ordinance No. 2006-19, passed by this Council on February 21, 2006 and the related
<br />
|