Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of not to exceed $222,260,000.00 for the purpose of providing funds to refund either currently or in advance, certain outstanding unlimited tax general obligation bonds of the City. The bond sale will be conducted on a negotiated basis with Stifel, Nicolaus & Company, Inc., as senior manager, and J.P. Morgan Securities, co-senior manager.
Title
To authorize the issuance of unlimited tax bonds in an amount not to exceed $222,260,000.00 for the purpose of providing funds to refund, in advance, certain outstanding unlimited tax general obligation bonds of the City ($222,260,000.00). Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to various ordinances passed by City Council (the "Council") of the City of Columbus, Ohio (the "Municipality" or the "City") unlimited tax general obligation bonds of the Municipality, to wit:
Title Dated Outstanding Amount Callable Amount
Various Purpose UT, Series 2004-1 7/27/04 $ 97,025,000 $ 67,300,000
Various Purpose UT, Series 2005D 12/14/05 175,905,000 104,600,000
Various Purpose UT, Series 2006A 12/12/06 98,370,000 50,360,000
(the "Outstanding Series Bonds"), were issued and sold by the Municipality for the purposes described in those ordinances and in the Outstanding Bonds; and
WHEREAS, the Municipality can achieve a reduction in the debt service associated with the Outstanding Bonds by providing for the refunding of the "Callable Amount" 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 Municipality 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;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
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