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AN ORDINANCE AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION NOTES IN THE AMOUNT OF NOT TO EXCEED $875,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE COST OF CONSTRUCTING AND/OR RECONSTRUCTING ONE OR MORE PUBLIC PARKING LOTS AND ADJACENT ALLEYWAYS WITHIN THE CITY, INCLUDING BUT NOT LIMITED TO PAVING, REPAVING, RESURFACING, CURBING, DRAINAGE, LIGHTING, AND ALL NECESSARY SITE IMPROVEMENTS AND APPURTENANCES THERETO, AND APPROVING RELATED MATTERS
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WHEREAS, this City Council of the City of Groveport, Ohio (the “City”) has heretofore determined the necessity of paying part of the cost of constructing and/or reconstructing one or more public parking lots and adjacent alleyways within the City, including but not limited to paving, repaving, resurfacing, curbing, drainage, lighting, and all necessary site improvements and appurtenances thereto (collectively, the “Project”); and
WHEREAS, the Director of Finance of the City (the “Director of Finance”), as fiscal officer of the City, has heretofore estimated that the life of the project hereinafter described is at least five (5) years, and certified that the maximum maturity of the bonds issued therefor is fifteen (15) years, and of the notes to be issued in anticipation thereof as twenty (20) years; and
WHEREAS, this City Council anticipates that debt service on such bonds will be paid from municipal income taxes of the City (the “Revenues”);
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GROVEPORT, COUNTY OF FRANKLIN, STATE OF OHIO, A MAJORITY OF ITS MEMBERS CONCURRING, THAT:
Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds (the “Bonds”) of the City in the principal sum of not to exceed $875,000, for the purpose of paying the cost of and/or reimbursing costs of the Project, including “financing costs” as defined in Section 133.01 of the Ohio Revised Code.
Section 2. Terms of Bonds. The Bonds shall be issued in the principal amo...
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