City of Gahanna - File #: ORD-0070-2015

• File #: ORD-0070-2015
• Version: 1
• Name: Columbus Academy Issuance of Tax-Exempt Rev Bonds
• Type: Ordinance
• Status: Passed
• File created: 6/11/2015
• In control: City Council
• On agenda: 6/15/2015
• Final action: 7/6/2015
• Title: AN ORDINANCE DETERMINING THE NECESSITY OF AND AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2015 (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 TO DECLARE AN EMERGENCY.

Date	Ver.	Action By	Action	Result
7/6/2015	1	City Council	Adopted as an Emergency	Pass
6/15/2015	1	City Council	Introduced

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AN ORDINANCE DETERMINING THE NECESSITY OF AND AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2015 (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 TO DECLARE AN EMERGENCY.

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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 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 additions to and renovations of certain buildings of the Borrower, furniture, fixtures and equipment and all necessary appurtenances thereto constituting the "Project," as hereinafter defined, (b) to issue and sell its revenue bonds to provide moneys for such loan and (c) to enact this Bond Legislation and execute and deliver the agreements and instruments hereinafter identified; and

WHEREAS, this City Council, as "Issuing Authority," for purposes of Chapter 165 of the Ohio Revised Code, has determined and does hereby confirm that the acquisition, construction, installation and equipping of the Project will create and preserve jobs and employment opportunities and will improve the health and economic welfare of the people of the Issuer, and that the Issuer, through the issuance of revenue bonds in a principal amount not to exceed $15,000,000 will be acting in the manner consistent with and in furtherance of the provisions of the Act, as hereinafter defined.

NOW, T...