TITLE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $4,600,000 FOR THE PURPOSE OF PAYING THE COSTS OF REFUNDING BONDS PREVIOUSLY ISSUED BY THE CITY FOR THE PURPOSE OF PAYING THE COSTS OF VARIOUS PUBLIC INFRASTRUCTURE PROJECTS; WAIVING SECOND READING AND DECLARING AN EMERGENCY
BODY
WHEREAS, pursuant to Ordinance No. ORD-0235-2012 passed December 3, 2012 (the "2012 Bond Ordinance"), bonds in the aggregate principal amount of $8,975,000, dated April 23, 2013 (the "2013 Bonds"), were issued for the purposes described in Section 2; and
WHEREAS, this City Council finds and determines that it will be in the City's best interest to issue general obligation bonds in accordance with Chapter 133 of the Ohio Revised Code in the maximum aggregate principal amount of $4,600,000 (the "Bonds") in order to refund at a lower rate of interest all or a portion of the outstanding 2013 Bonds (collectively, the "Outstanding 2013 Bonds"), which Outstanding 2013 Bonds are subject to prior redemption at the option of the City at a redemption price of 100% of par plus any accrued interest to their redemption date and to pay any expenses relating to that refunding and the issuance of the Bonds; 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 maximum maturity of the Bonds described in Section 2 is December 1, 2030;
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 addition to the words and terms elsewhere defined in this...
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