TITLE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $68,000,000, IN ONE OR MORE SERIES, FOR THE PURPOSE OF PAYING THE COSTS OF ACQUIRING, CONSTRUCTING, RENOVATING AND IMPROVING MUNICIPAL FACILITIES, INCLUDING CONSTRUCTING, RENOVATING AND IMPROVING ADDITIONAL PUBLIC SAFETY FACILITIES FOR POLICE DEPARTMENT OPERATIONS, FURNISHING AND EQUIPPING THE SAME, IMPROVING THE SITES THEREOF, ACQUIRING LAND AND INTERESTS IN LAND IN CONNECTION THEREWITH, WATER, SANITARY SEWER AND STORM WATER IMPROVEMENTS, AND OTHER IMPROVEMENTS, RELOCATION, OR ADDITIONS TO UTILITY INFRASTRUCTURE, TOGETHER WITH ALL NECESSARY AND RELATED APPURTENANCES THERETO; AND DECLARING AN EMERGENCY
BODY
WHEREAS, pursuant to Ordinance No. ORD-0064-2023 passed September 5, 2023, notes in anticipation of bonds in the principal amount of $8,500,000, dated October 25, 2023 (the "Outstanding Notes"), were issued for a portion of the purpose described in Section 2, to mature on October 24, 2024; and
WHEREAS, this City Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the Bonds described in Section 2 and other funds available to the City and provide an additional $64,500,000 for the purpose described in Section 2; and
WHEREAS, this City Council has requested that the Director of Finance, as fiscal officer of this City, certify the estimated life or period of usefulness of the Improvement described in Section 2 and the maximum maturity of the Bonds described in Section 2; and
WHEREAS, the Director of Finance has certified to this City Council that the estimated life or period of usefulness of the Improvement described in Section 2 is at least five (5) years, and the weighted average maximum maturity of the Bonds described in Section 2 is thirty (30) years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO, THAT:
Section 1. Definitions and Interpretation. In ad...
Click here for full text