Title
AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $3,800,000 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, APPROVING RELATED MATTERS, AND DECLARING AN EMERGENCY
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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 in an amount not to exceed $3,800,000 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 Bonds. It is hereby declared necessary to issue bonds of the City in a principal sum not to exceed $3,800,000, which bonds shall be designated "City of Groveport, Ohio Various Purpose General Obligation Bonds, Series 2021A," or as otherwise determined by the Finance Director (the "Bonds"), for the purpose of paying the cost of the Project.
Section 2. Terms of the Bonds. The Bonds shall be issued as fully registered bonds in denominations of $1,000 or any integral multiple thereof, or as otherwise determined by the Finance Director; shall be numbered consecutively from R-1 upward, as determined by the Finance Director; shall be dated the date determined by the Finance Director and set forth in the Certificate of Fiscal Officer provided for herein below; and shall bear interest, payable semiannually ...
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