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AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN THE AMOUNT OF NOT TO EXCEED $450,000 FOR THE PURPOSE OF ENGINEERING, INSPECTING, RECONSTRUCTING, AND IMPROVING A WATERLINE, WITH RELATED SITE IMPROVEMENTS AND APPURTENANCES THERETO, AND RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; AND APPROVING RELATED MATTERS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS
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WHEREAS, the City Council (the "Council") of City of Groveport, Ohio (the "City") has issued notes dated July 25, 2013 in the amount of $450,000 (the "Outstanding Notes") in anticipation of the issuance of the bonds herein described, which Outstanding Notes will mature July 24, 2014; and,
WHEREAS, it appears advisable to issue bonds to retire the Outstanding Notes; and,
WHEREAS, the Finance Director (the "Finance Director") of 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 38 years; and
WHEREAS, it is now deemed necessary to issue and sell not to exceed $450,000 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.23 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 the Bonds. It is hereby declared necessary to issue bonds of the City in the principal sum of not to exceed $450,000, or such lesser amount as shall be determined by the Finance Director and certified to this Council, which bonds shall be designated "City of Groveport, Ohio Water System Construction and Improvement Bonds, Series 2014," or as otherwise determined by the Finance Director (the "Bonds"), for the purpose described i...
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