Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $510,000.00 for economic and community development, corporate retention and attraction 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 $510,000.00 for economic and community development projects ($510,000.00). Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $510,000 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 within the City of Columbus by, among other things: (i) providing funds for the acquisition and preparation of sites for corporate relocation and attraction; and (ii) paying costs of various infrastructure improvements, including construction and improvement of streets and roads, utility extensions and improvements, and acquisition of real estate and interests in real estate in connection with the same; 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 bonds is ten (10) years.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bonds of the City of Columbus, Ohio (the "Municipality") shall be issued in one or more series, in the principal sum of Five Hundred Ten Thousand Dollars ($510,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council, for the purpose set forth above and for paying the cost of advertising, printing and legal services and ot...
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