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AN ORDINANCE AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION NOTES IN THE AMOUNT OF NOT TO EXCEED $1,300,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE COST OF CONSTRUCTING A RECREATIONAL FACILITY CONSISTING OF PICKLEBALL COURTS, SHELTERS, BLEACHERS, AND RELATED EQUIPMENT AND FURNISHINGS, ALONG WITH ANY NECESSARY SITE IMPROVEMENTS 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 paying part of the cost of constructing a recreational facility consisting of pickleball courts, shelters, bleachers, and related equipment and furnishings, along with any necessary site improvements thereto (collectively, the “Project”); and
WHEREAS, the Director of Finance of the City (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 $1,300,000 (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 CITY 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 financing and refinancing costs of the Project by retiring the Prior Notes at their maturity and paying “financing costs” as defined in Section 133.01 of the Ohi...
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