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AN ORDINANCE AUTHORIZING THE ISSUANCE OF NONTAX REVENUE 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 City Council (the "Council") of the City of Groveport, Ohio (the "City") has determined that it is advisable and in the best interest of the City to issue nontax revenue bonds of the City for the purpose stated in the title of this Ordinance (the "Project"); and,
WHEREAS, such nontax revenue bonds shall be payable and secured by the Nontax Revenues (as defined herein) of the City; 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, without limitation, Article XVIII, Section 3, Ohio Constitution, and the Charter of the City, for the purpose of funding the Project.
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 Special Obligation Nontax Revenue Bonds, Series 2021B," 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 intere...
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