Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $5,970,000.00 for economic and community development projects. 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 limited tax bonds in the amount of not to exceed $5,970,000.00 for economic and community development projects ($5,970,000.00). Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $5,970,000 of bonds under authority of the general laws of the State of Ohio, and in particular Section 133.23 of the Ohio Revised Code, for the purpose of promoting economic and community development and redevelopment within the City of Columbus by, among other things: (i) providing assistance for the renovation and improvement of homes owned or to be owned by low and moderate-income households to correct substandard and deteriorating conditions; (ii) providing assistance for the purchase and rehabilitation of residential and commercial structures to avoid a public nuisance and to promote economic and community development, including through the construction of new structures; (iii) repairing and rehabilitating, and providing infrastructure improvements for the benefit of, homeless shelters in the City; (iv) demolishing vacant and abandoned structures, and remediating environmental issues thereon, in order to abate and avoid public nuisance and to promote economic and community development; and (v) providing funds to undertake soil testing and acquire water tanks to promote the development of community gardens on vacant parcels of land; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvement stated above which is to be financed from the proceeds of said bonds exceeds five (5) years and the maximum maturity of said...
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