TITLE
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF NOT TO EXCEED $8,500,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE 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; AND ALL NECESSARY APPURTENANCES THERETO; AND APPROVING RELATED MATTERS IN CONNECTION WITH THE ISSUANCE OF THE NOTES
BODY
WHEREAS, the Finance Director (the "Finance Director") of the City of Gahanna (the "City") has certified to this City Council (the "Council") that the estimated life of the improvement stated in the title of this ordinance (the "Project") which is to be financed with the proceeds of bonds and notes hereinafter referred to exceeds five years, the maximum maturity of bonds being 30 years and notes being 20 years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. ISSUANCE OF BONDS. It is hereby declared necessary to issue bonds (the "Bonds") of the City in the principal sum of not to exceed $8,500,000, for the purpose of paying the cost of the Project.
Section 2. TERM OF THE BONDS. The Bonds shall be dated prior to the maturity date of the Notes (as defined herein below), shall bear interest at the maximum average annual interest rate presently estimated to be 5.50% per annum, payable semiannually until the principal sum is paid, and shall mature in 30 annual installments.
Section 3. ISSUANCE OF BOND ANTICIPATION NOTES. It is necessary to issue, and this Council hereby determines that there shall be issued, notes in anticipation of the issuance of the Bonds.
Section 4. TERMS OF THE NOTES; CERTIFICATE OF FISCAL OFFICER RELATING TO TERMS OF NOTES. Such anticipatory notes (the "Notes") shall be in the amount of ...
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