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ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,250,000 OF BONDS, OR NOTES IN ANTICIPATION OF BONDS, FOR THE PURPOSE OF PAYING A FINAL JUDGMENT, INCLUDING DEFENSE COSTS AND EXPENSES; RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; AUTHORIZING AND APPROVING RELATED MATTERS; AND DECLARING AN EMERGENCY.
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WHEREAS, the Franklin County Common Pleas Court approved a Stipulated Settlement Agreement and Journal Entry in Case No. 12 CV 0008517, (the "Final Judgment"); and
WHEREAS, the Finance Director of the City (the "Finance Director") has certified to this City Council (the "Council") of the City of Gahanna, Ohio (the "City") that the City is unable, within the limits of its other funds that have been appropriated and are available for the purpose, to pay the Final Judgment, including defense costs and expenses; and
WHEREAS, the City has issued notes dated August 8, 2019, in the amount of $5,000,000 (the "Outstanding Notes") in anticipation of the issuance of the bonds herein described, which Outstanding Notes will mature August 6, 2020; and
WHEREAS, this City Council (the "Council") of the City of Gahanna, Ohio (the "City") now deems it necessary to issue and sell securities, in one or more series, comprised of bonds or notes in anticipation of bonds, or a combination thereof, in an amount not to exceed $5,250,000, as determined by the Finance Director, under authority of the general laws of the State of Ohio, and in particular Section 133.14 of the Ohio Revised Code, for the purpose of paying all or a portion of the principal of and interest due on the Outstanding Notes; and
WHEREAS, the Finance Director has certified to this Council that the maximum maturity and principal amount of the bonds herein authorized cannot exceed 25 years and notes is 19 years.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO, THAT:
SECTION 1. AUTHORIZATION OF THE SECURITIES
Bonds of the City shall be issu...
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