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AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS IN AN AMOUNT NOT TO EXCEED $1,200,000 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, AND APPROVING RELATED MATTERS
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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 not to exceed $1,200,000 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.29 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 the principal sum of not to exceed $1,200,000, which bonds shall be designated "City of Groveport, Ohio Rarey’s Port/Wert’s Grove Bonds, Series 2021" (the "Bonds"), for the purpose of paying the cost of the Project.
Section 2. Terms of the Bonds. The Bonds shall be issued in bearer form and shall be executed and delivered in such number and such denominations as shall be determined by the Finance Director. The Bonds shall bear interest at a rate not to exceed 3.50% per annum payable on such dates as shall be determined by the Finance Director and set forth in the Certificate of Fiscal Officer provided for hereinbelow, until the principal sum is paid or provision has been duly made therefor. Interest shall be calculated on the basis of a 360-day year of twelve 30-...
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