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AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF NOT TO EXCEED $1,300,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF DESIGNING, ENGINEERING, AND CONSTRUCTING VARIOUS IMPROVEMENTS TO THE CITY'S MUNICIPAL GOLF COURSE, WITH RELATED 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 designing, engineering, and constructing various improvements to the City’s municipal golf course, with related site improvements and appurtenances thereto (the “Project”); and
WHEREAS, the Director of Finance (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 twenty (20) 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”); and
WHEREAS, notes heretofore issued in anticipation of such bonds in the amount of $1,600,000 (the “Prior Notes”) are about to mature and should be renewed in a principal amount not to exceed $1,300,000.
NOW, THEREFORE, BE IT ORDAINED BY THE 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 $1,300,000, for the purpose of paying the cost of the Project, including “financing costs” as defined in Section Revised Code.
Section 2. Terms of Bonds. The Bonds shall be issued in the principal amount and for the purpose aforesaid under authority of the general laws of the State of Ohio, particularly Chapter 133 of the Ohio Revised Code....
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