TITLE
AN ORDINANCE DETERMINING THE NECESSITY OF AND AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT IMPROVEMENT AND REFUNDING REVENUE BONDS, SERIES 2025 (THE COLUMBUS ACADEMY PROJECT) OF THE CITY OF GAHANNA, OHIO, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000; AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT, AN ASSIGNMENT OF LOAN AGREEMENT, A BOND PURCHASE AGREEMENT, A TAX EXEMPTION CERTIFICATE AND AGREEMENT AND OTHER DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE BONDS; AND DECLARING AN EMERGENCY.
BODY
WHEREAS, the City of Gahanna, Ohio (the "Issuer"), by virtue of the laws of the State of Ohio, including Article VIII, Section 13 of the Constitution of Ohio and Chapter 165 of the Ohio Revised Code, is authorized and empowered among other things (a) to make a loan to assist in (i) the acquisition, construction, renovation, installation and equipping of certain capital expenditures of The Columbus Academy, an Ohio nonprofit corporation (the "Borrower"), including, but not limited to new construction, renovations or additions, as well as furniture, fixtures and equipment, for a maintenance building at the campus of the Borrower in Gahanna, Ohio constituting the "Project," as hereinafter defined, and (ii) refunding and retiring all of the outstanding (1) City of Gahanna, Ohio Economic Development Revenue Bonds, Series 2019A (The Columbus Academy Project) issued in the original principal amount of up to $10,700,000 (the "2019A Bonds"), and (2) City of Gahanna, Ohio Economic Development Refunding Revenue Bonds, Series 2019B (The Columbus Academy) issued in the original principal amount of $8,300,000 (the "2019B Bonds", and together with the 2019A Bonds, the "Prior Bonds") that were issued to finance and refinance the acquisition, construction, renovation, installation and equipping of certain capital expenditures of the Borrower located on the campus of the Borrower in Gahanna, Ohio, (b) to issue and sell its revenue bonds to prov...
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