Title
AUTHORIZING THE ISSUANCE OF BONDS IN THE AMOUNT OF NOT TO EXCEED $3,200,000 FOR THE PURPOSE OF CURRENTLY REFUNDING (I) A PORTION OF BONDS ISSUED IN 2010 FOR THE PURPOSE OF ACQUIRING LAND AND INTERESTS IN LAND RELATING THERETO AND CONSTRUCTING AND RECONSTRUCTING BUILDINGS AND OTHER IMPROVEMENTS ON SUCH PROPERTY, AND ACQUIRING AND INSTALLING EQUIPMENT, FURNISHINGS AND RELATED APPURTENANCES THERETO; AND (II) NOTES ISSUED IN 2020 FOR THE PURPOSE OF DESIGNING, ENGINEERING, AND CONSTRUCTING VARIOUS WATER SYSTEM IMPROVEMENTS, WITH RELATED SITE IMPROVEMENTS AND APPURTENANCES THERETO, AND RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; AND APPROVING RELATED MATTERS
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WHEREAS, the City Council (the "Council") of the City of Groveport, Ohio (the "City") has issued bonds dated January 14, 2010, in the amount of $4,465,000 (the "Outstanding Bonds") for the purpose described in the title of this Ordinance, of which $2,650,000 in aggregate principal amount remains outstanding; and
WHEREAS, the Council of the City has issued notes dated April 28, 2020, in the amount of $560,000 (the "Outstanding Notes") for the purpose described in the title of this Ordinance and in anticipation of the issuance of the bonds herein described, which Outstanding Notes will mature October 1, 2020; and
WHEREAS, in view of currently prevailing lower interest rates, this Council has determined that it is advisable and in the best interest of the City to issue refunding bonds of the City to currently refund certain maturities of the Outstanding Bonds (the "Refunded Bonds"), and to retire the Outstanding Notes with the bonds herein described; and
WHEREAS, the Finance Director of the City (the "Finance Director") has certified to this Council that the maximum maturity of the bonds herein authorized cannot exceed the maximum maturity of the Refunded Bonds, with respect to those bonds allocated toward refunding the Refunded Bonds; and
WHEREAS, the Finance Director (the "Finance Director")...
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