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AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $1,200,000 FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND IMPROVING THE RAREY'S PORT AND WERT'S GROVE BUILDINGS, WITH RELATED SITE IMPROVEMENTS AND APPURTENANCES THERETO, AND APPROVING RELATED MATTERS
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WHEREAS, the Finance Director (the "Finance Director") of the City of Groveport (the "City") has certified to this Council that the estimated life of the improvement stated in the title of this ordinance (the "Project") which is to be constructed from the proceeds of the bonds herein described exceeds five years and the maximum maturity of said bonds is 20 years, and,
WHEREAS, it is now deemed necessary to issue and sell not to exceed $1,200,000 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.29 thereof, and the Charter of the City, for the purpose stated in the title of this ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF ITS MEMBERS CONCURRING:
Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds of the City in the principal sum of not to exceed $1,200,000, which bonds shall be designated "City of Groveport, Ohio Rarey’s Port/Wert’s Grove Bonds, Series 2021" (the "Bonds"), for the purpose of paying the cost of the Project.
Section 2. Terms of the Bonds. The Bonds shall be issued in bearer form and shall be executed and delivered in such number and such denominations as shall be determined by the Finance Director. The Bonds shall bear interest at a rate not to exceed 3.50% per annum payable on such dates as shall be determined by the Finance Director and set forth in the Certificate of Fiscal Officer provided for hereinbelow, until the principal sum is paid or provision has been duly made therefor. Interest shall be calculated on the basis of a 360-day year of twelve 30-day months. Coupons shall not be attached to the Bonds.
The Bonds shall be callable for redemption prior to stated maturity at any time by the City without penalty.
Section 3. Certificate of Fiscal Officer Relating to Terms of Bonds. The Finance Director is hereby authorized and directed to execute of behalf of the City a Certificate of Fiscal Officer Relating to Terms of Bonds (the "Certificate of Fiscal Officer") setting forth the aggregate principal amount and the final terms of the Bonds, which aggregate principal amount and terms, subject to the limitations set forth in this Ordinance, shall be as determined by the Finance Director. The Certificate of Fiscal Officer shall indicate the dated date for the Bonds, the final interest rate for the Bonds, the dates on which interest on the Bonds is to be paid, the maturity schedule for the Bonds, and such other terms not inconsistent with this Ordinance as the Finance Director shall deem appropriate.
Section 4. Form and Execution of the Bonds. The Bonds shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this Ordinance; and shall be executed by the Finance Director and the City Administrator of the City (the "City Administrator"), in their official capacities, provided that either or both of their signatures may be a facsimile.
Section 5. Debt Service Levy. There shall be and is hereby levied annually on all the taxable property in the City, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt Service Levy") for each year during which any of the Bonds are outstanding, for the purpose of providing, and in an amount which is sufficient to provide, funds to pay interest upon the Bonds as and when the same falls due and to provide a fund for the repayment of the principal of the Bonds at maturity or upon redemption. The Debt Service Levy shall not be less than the interest and sinking fund tax required by Article XII, Section 11 of the Ohio Constitution; provided, however, that in each year to the extent that funds are available from other sources and are lawfully appropriated for the payment of the Bonds, the amount of the Debt Service Levy shall be reduced by the amount of such funds so available and appropriated.
The Debt Service Levy shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of such years are certified, extended and collected. The Debt Service Levy shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from the Debt Service Levy shall be placed in a separate and distinct fund, which shall be irrevocably pledged for the payment of the interest and principal of the Bonds when and as the same falls due.
Section 6. Income Tax Pledge. The City hereby covenants, pursuant to Section 133.05(B)(7), Ohio Revised Code, to appropriate annually from lawfully available municipal income taxes, and to continue to levy and collect municipal income taxes adequate to produce, amounts necessary to meet the debt charges on the Bonds in each year until full payment is made.
Section 7. Sale of the Bonds. The Bonds shall be sold to the Bond Retirement Fund at a purchase price equal to $1,200,000.
The proceeds from the sale of the Bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest on the Bonds in the manner provided by law.
Section 8. Execution of Documents. The Finance Director is hereby authorized and directed to take such action and to execute and deliver, on behalf of this Council, such additional instruments, agreements, certificates, and other documents as may be in his discretion necessary or appropriate in order to carry out the intent of this Ordinance. Such documents shall be in the form not substantially inconsistent with the terms of this Ordinance, as he in his discretion shall deem necessary or appropriate. Documents (including this Ordinance) executed, scanned and transmitted electronically and electronic and digital signatures shall be deemed original signatures the purposes of such documents, this Ordinance, and for all matters related thereto, with any such scanned, electronic, and digital signatures having the same legal effect as original signatures.
Section 9. Satisfaction of Conditions for Bond Issuance. It is hereby found and determined that all acts, conditions and things necessary to be done precedent to and in the issuing of the Bonds in order to make them legal, valid and binding obligations of the City have happened, been done and been performed in regular and due form as required by law; that the faith, credit and revenue of the City are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, has been exceeded in issuing the Bonds.
Section 10. Compliance with Open Meeting Requirements. It is hereby found and determined that all formal actions of this Council concerning and relating to the adoption of this Ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.
Section 11. Filing of Bond Ordinance. The Clerk of Council is hereby directed to forward a certified copy of this Ordinance to the County Auditor of Franklin County, Ohio.
Section 12. Effective Date. For the reasons stated in the preamble hereto which are made a part hereof, this Ordinance shall take effect and be in force at the earliest date permitted by law.
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Lance Westcamp, Mayor
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Ruthanne Sargus Ross, CMC
Clerk of Council
Approved as to form:
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Kevin C. Shannon, Law Director