Explanation
BACKGROUND
This Ordinance evolves from a series of 11 Ordinances previously authorized by Columbus City Council leading up to the contruction and operation of the 2 City owned garages located at 4th and Elm Streets and South Front Street.
Those previous ordinances adopted by Council are as follows:
1. Ordinance No. 1704-1996 passed as amended July 22, 1996 8. Ordinance No. 1655-2008 passed October 20, 2008
2. Ordinance No. 0709-2003 passed May 19, 2003 9. Ordinance No. 1879-2008 passed November 24, 2008
3. Ordinance No. 2198-2003 passed October 6, 2003 10. Ordinance No. 0689-2009 passed May 18, 2009
4. Ordinance No. 0180-2004 passed 11. Ordinance No. 1506-2009 passed November 9, 2009
5. Ordinance No. 1167-2007 passed July 23, 2007
6. Ordinance No. 1277-2007 passed July 30, 2007
7. Ordinance No. 0167-2008 passed February 4, 2008
Construction of the 2 garages is now complete and both garages are in operation. Ordinance No. 1506-2009 approved November 9, 2009 authorized the issuance of $29.5 million of City of Columbus Notes authorizing both the refunding of previously issued notes of $20 million and an additional $9.5 million to assure the completion and construction of the garages. It is now time to renew a portion of these Notes. Due to a successful completion of the garages, it is possible to redeem $4.5 million of these Notes and simply refund the remaining $25 million. The refunding of the $25 million will be a subject of a separate ordinance. This Ordinance also authorizes the expenditure of $590,000.00 for the payment of interest on the existing $29.5 million of Notes.
The $5,090,000.00 is presently available and will come from the Parking Garage Enterprise Fund No. 630. These payments have no relationship and will have no impact on the City's General Operating Fund.
Both of these City owned garages are operated by Capitol ...
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