Explanation
1. Background
This ordinance authorizes the issuance and sale of general obligation bonds (the “Bonds”) in an amount not to exceed $161,000.00 for the purpose of financing the costs of the Morningstar/North-Forty Street Lighting Assessment Project. $161,000.00 bond anticipation notes were issued on February 21, 2024 (the “Outstanding Notes”), and the proceeds of the Bonds will retire the Outstanding Notes. The Bonds will be sold to the City's Treasury and Investment Board.
2. Fiscal Impact
Bonds in an amount not to exceed $161,000.00 will be issued. It is the intent that the debt service associated with the issuance of such Bonds will be paid from special assessments levied and collected from the property owners benefiting from the Morningstar/North-Forty Street Lighting Assessment Project.
3. Emergency Designation
Emergency action is requested to allow for immediate issuance of bonds in order to retire the Outstanding Notes prior to maturity.
Title
To authorize the issuance and sale of general obligation bonds in an amount not to exceed $161,000.00 for the Morningstar/North-Forty Street Lighting Assessment Project; to authorize an expenditure of $15,000.00 from the Electricity Operating Fund for costs of issuance; and to declare an emergency. ($176,000.00)
Section 44-1(b)
Body
WHEREAS, pursuant to Ordinance No. 2997-2022 adopted November 21, 2022, City Council (the “Council”) of the City of Columbus, Ohio (the “City”), has previously determined to proceed with the street lighting project described below in accordance with Resolution No. 0014X-2019 adopted by this Council on February 4, 2019; and
WHEREAS, Council has issued notes dated February 21, 2024, in the aggregate principal amount of $161,000.00 (the “Outstanding Notes”); and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvements to be constructed from the proceeds of the bonds and the notes hereinafter referred to exceeds five (5) years, th...
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