Title
A RESOLUTION AUTHORIZING THE USE OF A PORTION OF THE PROCEEDS OF BONDS OR BOND ANTICIPATION NOTES OF THE CITY OF GROVEPORT, IN THE ESTIMATED PRINCIPAL AMOUNT OF NOT TO EXCEED $800,000.00, TO BE ISSUED FOR THE PURPOSE OF ACQUIRING REAL ESTATE FOR MUNICIPAL PURPOSES, AND CONSTRUCTING SITE IMPROVEMENTS AND APPURTENANCES THERETO IN CONNECTION WITH GROVEPORT'S POLICE FACILTY AND MUNICIPAL BUILDING, TO REIMBURSE THE CITY'S GENERAL, PERMANENT IMPROVEMENT, OR BOND CONSTRUCTION FUND FOR MONEYS PREVIOUSLY ADVANCED FOR SUCH PURPOSE
Recommended Action
Sponsor: Council Member Stoots
Recommended Action: Suspension of the Rules of Council
Body
WHEREAS, the City may advance costs for the above-referenced purpose (the "Project") from its General, Permanent Improvement, or Bond Construction Fund; and
WHEREAS, the City intends to reimburse itself within 18 months after the original expenditure is paid, for the expenditure of not to exceed $800,000.00 for the Project from the proceeds of one or more series of tax-preferred obligations (the "Obligations") to be issued by the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF ITS MEMBERS CONCURRING:
Section 1: The City intends that this Resolution shall constitute an "official intent" for purposes of Section 1.150-2 of the Treasury Regulations prescribed under the Internal Revenue Code of 1986, as amended, and declares its intention to use a portion of the proceeds of the Obligations to reimburse the City for expenses of the Project advanced from its General, Permanent Improvement, or Bond Construction Fund.
Section 2: It is hereby found and determined that all formal actions of this Council concerning and relating to the passage of this resolution were taken 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 ...
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