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AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $8,850,000 OF BONDS FOR THE PURPOSE OF REFUNDING BONDS ISSUED IN 2007 FOR VARIOUS MUNICIPAL PURPOSES, AUTHORIZING A BOND PURCHASE AGREEMENT APPROPRIATE FOR THE SALE OF THE BONDS, AND AUTHORIZING AN OFFICIAL STATEMENT IN CONNECTION WITH THE SALE OF THE BONDS.
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WHEREAS, pursuant to various ordinances passed by City Council (the "Council") of the City of Gahanna, Ohio (the "City"), the City issued and sold its Various Purpose Bonds, Series 2007, dated July 31, 2007, of which $9,440,000 remains currently outstanding (the "Outstanding Bonds") and $6,970,000 is callable (the "Callable Amount"); and
WHEREAS, the City can achieve a reduction in the debt service associated with the Outstanding Bonds by providing for the refunding of all or a portion of the Callable Amount of such Outstanding Bonds (the "2007 Refunded Bonds"); and
WHEREAS, due to current market conditions, this Council believes that it is in the best interest of the City to refund the 2007 Refunded Bonds using the proceeds of refunding bonds, authorized by Section 133.34(A)(3) of the Ohio Revised Code, together with other moneys available for that purpose, if any, if the savings targets described in this ordinance can be met;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. Bonds of the City shall be issued in one or more series, in the aggregate principal sum not to exceed Eight Million Eight Hundred Fifty Thousand Dollars ($8,850,000) (the "Series 2013B Refunding Bonds"), or such lesser amount as shall be determined by the Director of Finance and certified to this Council, the proceeds of which Series 2013B Refunding Bonds, together with other funds available therefor, will be used for the purpose of refunding all or a portion of the 2007 Refunded Bonds and to pay all or a portion of the financing costs associated with such purpose. Any Series 2013B Refunding Bonds autho...
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