Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $15,300,000.00 for economic 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 $15,300,000.00 for economic development projects ($15,300,000.00). Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $15,300,000 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 providing grants for environmental remediation and providing funds for widening, opening, extending, constructing, paving, repaving, improving and changing the line of expressways, freeways, roads, highways, bikeways, streets, alleys, bridges, viaducts, bioswales, overpasses, underpasses, grade crossing eliminations, service and access roads and sidewalks, the acquisition and installation of traffic control systems, equipment and signs, the acquisition of real estate and interests in real estate and related equipment, and landscaping and making site improvements, all in connection with the development of a multi-acre site intended for annexation located on the west side of the City; 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 twenty (20) 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 Fifteen Million Three Hundred Thousand Dollars ($15,300,000) (the "Bonds"), or such lesser ...
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