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TO AUTHORIZE THE ISSUANCE OF NOT TO EXCEED $10,030,000 OF GENERAL OBLIGATION LIMITED TAX BONDS FOR THE PURPOSE OF ADVANCE REFUNDING ALL OR A PORTION OF THE CITY'S OUTSTANDING VARIOUS PURPOSE BONDS, SERIES 2005, DATED SEPTEMBER 1, 2005, AND VARIOUS PURPOSE BONDS, SERIES 2007; AUTHORIZING AND APPROVING A NOTICE OF SALE FOR THE BONDS; AUTHORIZING AN ESCROW AGREEMENT IN CONNECTION WITH THE BONDS; AUTHORIZING THE PREPARATION AND DELIVERY OF AN OFFICIAL STATEMENT RELATING TO THE BONDS; AND DECLARING AN EMERGENCY.
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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 certain limited tax general obligation bonds of the City, to wit:
Title Dated Outstanding Amount
Various Purpose Bonds, Series 2005 09/01/2005 $1,520,000
Various Purpose Bonds, Series 2007 07/31/2007 $8,510,000
(collectively, the "Outstanding Bonds"), for the purposes described in those Ordinances and in the Outstanding Bonds; 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 such Outstanding Bonds (the "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 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;
WHEREAS, the Director of Finance for the City (the "Finance Director") has certified to this Council that the maximum maturity and authorized principal amount of the bonds herein authorized cannot exceed the maximum maturity and principal amount of the Refunded Bonds; and
WHEREAS, it is now deemed necessary to issue and sell...
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