21-17 Issue Bonds to Refund Bond Series 2007

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REFUNDING BONDS, SEIUES 2017 1ST READING & REFERRED TO FINANCE COMMITTEE 4/17/17. 2ND READING 5/1/17. ORDINANCE NO. 21 -17 By:Anderson, Bullock, Litten, Marx, Nowlin, O'Leary, O'Malley. AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $6,050,000 OF BONDS FOR THE PURPOSE OF CURRENTLY REFUNDING THE CITY'S VARIOUS PURPOSE GENERAL OBLIGATION BONDS, SERIES 2007 (LIMITED TAX), DATED MAY 30,2007; APPROVING RELATED MATTERS IN CONNECTION WITH THE ISSUANCE OF THE BONDS; AND DECLARING AN EMERGENCY WHEREAS, the Council of the City (the "Council ") issued Various Purpose General Obligation Bonds, Series 2007 (Limited Tax), dated May 30, 2007, in the original principal amount of $10,875,000 (the "Outstanding Bonds ") (a) to finance certain capital assets of the City, including improving buildings and sites, streets and sidewalks, municipal recreation facilities, parking facilities, sanitary sewers, and the wastewater treatment plant; reforestation; and acquiring equipment for the police and fire departments; and (b) to advance refund a portion of the City's $8,225,000 Various Purpose General Obligation Bonds, Series 2001 (Limited Tax Obligations), dated May 3, 2001; and W IEREAS, in view of currently prevailing lower interest rates, the Council has determined that it is advisable and in the best interest of the City to issue refunding bonds of the City to currently refund certain maturities of the Outstanding Bonds (the "Refunded Bonds "); and WHEREAS, the Director of Finance of the City (the "Director of Finance ") 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 not to exceed $6,050,000 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.34 thereof, for the purpose stated in the title of this Ordinance; WHEREAS, this Council by a vote of at least five of its members determines that this Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible as set forth 115723630