Title
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $950,000 OF BONDS FOR THE PURPOSE OF CONSTRUCTING, RESURFACING AND IMPROVING LESLEH STREET AND ANY CONNECTING STREETS AND ROADWAYS, WITH RELATED EQUIPMENT AND ALL NECESSARY APPURTENANCES, AND RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; AND APPROVING RELATED MATTERS IN CONNECTION WITH THE ISSUANCE OF THE BONDS
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WHEREAS, the City Council (the "Council") of City of Groveport, Ohio (the "City") has issued notes dated July 26, 2012 in the amount of $1,400,000 (the "Outstanding Notes") in anticipation of the issuance of the bonds herein described, which Outstanding Notes will mature July 25, 2013; and
WHEREAS it appears advisable to issue bonds at this time to retire a portion of 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 20 years; and
WHEREAS, it is now deemed necessary to issue and sell not to exceed $950,000 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, COUNTY OF FRANKLIN, STATE OF 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 $950,000, or such lesser amount as shall be determined by the Finance Director and certified to this Council, which bonds shall be shall be designated "City of Groveport, Ohio Various Purpose Bonds, Series 2013," or as otherwise determined by the Finance Director (the ...
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