Explanation
This legislation resolves that is it a necessity for the City to submit to the electors the question of issuing $200,000,000 in bonds for neighborhood development. The election will be held on November 8, 2022. This resolution authorizes the City to present this legislation to the Franklin County Auditor's office so they may calculate millage amounts associated with the 2022 Voted Bond Package.
Title
To declare the necessity of bond issue, and to submit the question of such issue to the electors in the amount of $200,000,000 for neighborhood development; and to declare an emergency ($200,000,000.00).
Section 44-1(e) of the City Charter.
Body
WHEREAS, an emergency exists in the usual daily operations of the Departments of Neighborhoods and Development in that it is immediately necessary to adopt this resolution so that the City of Columbus, Ohio, (the “City”) can meet the August 10, 2022 deadline for filing election proceedings with the Board of Elections, Franklin County, Ohio and so that the work on the proposed projects to be financed can commence as soon as possible, all for the immediate preservation of the public peace, property, health or safety;
NOW, THEREFORE, BE IT RESOLVED by the City Council (the “Council”) of the City, that:
Section 1. It is hereby determined to be necessary for the purpose of promoting neighborhood and community development and affordable housing within the City of Columbus by purchasing, constructing, demolishing, renovating, improving, equipping and furnishing residential and commercial structures in the City, and acquiring, clearing, testing, remediating environmental issues, extending utilities, and otherwise improving residential and commercial sites in the City, and providing funds for grants in connection with the same, to issue and sell Two Hundred Million Dollars ($200,000,000) of bonds (the “Bonds”) of the City pursuant to Ohio Revised Code Section 133.18. It is further determined to be necessa...
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