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TO AUTHORIZE THE ISSUANCE OF BONDS, OR NOTES, NOT TO EXCEED FIVE MILLION ONE HUNDRED THOUSAND DOLLARS ($5,100,000); IN ANTICIPATION OF BONDS, FOR THE PURPOSE OF PAYING A FINAL JUDGMENT, INCLUDING DEFENSE COSTS AND EXPENSES; AUTHORIZING AND APPROVING RELATED MATTERS; AND TO DECLARE AN EMERGENCY.
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WHEREAS; the Franklin County Common Pleas Court approved a Stipulated Settlement Agreement and Journal Entry in Case No. 12 CV 0008517, (the "Final Judgment"); and
WHEREAS, the Finance Director of the City (the "Finance Director") has certified to this City Council (the "Council") of the City of Gahanna, Ohio (the "City") that the City is unable, within the limits of its other funds that have been appropriated and are available for the purpose, to pay the Final Judgment, including defense costs and expenses; and
WHEREAS, this City Council (the "Council") of the City of Gahanna, Ohio (the "City") now deems it necessary to issue and sell securities, in one or more series, comprised of bonds or notes in anticipation of bonds, or a combination thereof, in an amount not to exceed $5,100,000, as determined by the Finance Director, under authority of the general laws of the State of Ohio, and in particular Section 133.14 of the Ohio Revised Code, for the purpose of paying the Final Judgment, including defense costs and expenses; and
WHEREAS, the Finance Director has certified to this Council that the maximum maturity and principal amount of the bonds herein authorized cannot exceed twenty-five years; and
WHEREAS, it is imperative to move forward with this legislation all for the preservation of the public peace, health, safety and welfare.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO, THAT:
SECTION 1. AUTHORIZATION OF THE SECURITIES
Bonds of the City shall be issued in one or more series, in the principal sum of $5,100,000 (the "Bonds"), or such lesser amount as shall be set forth in the Certificate of ...
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