City of Columbus - File #: 1191-2004

• File #: 1191-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/17/2004
• In control: Finance & Economic Development Committee
• On agenda: 6/28/2004
• Final action: 7/1/2004
• Title: Authorizing the issuance of limited tax bonds in the amount of $200,000 for West Edge Business Center ($200,000) Section 55(B) of the City Charter.

Date	Ver.	Action By	Action	Result
7/1/2004	1	MAYOR	Signed
7/1/2004	1	CITY CLERK	Attest
6/28/2004	1	Columbus City Council	Approved	Pass
6/28/2004	1	Columbus City Council	Waive the 2nd Reading	Pass
6/28/2004	1	COUNCIL PRESIDENT	Signed
6/18/2004	1	Finance Drafter	Sent to Clerk's Office for Council
6/17/2004	1	Finance Drafter	Sent for Approval
6/17/2004	1	FINANCE DIRECTOR	Reviewed and Approved
6/17/2004	1	Finance Drafter	Sent for Approval
6/17/2004	1	Auditor Reviewer	Reviewed and Approved
6/17/2004	1	CITY AUDITOR	Reviewed and Approved
6/17/2004	1	Finance Drafter	Sent for Approval
6/17/2004	1	CITY ATTORNEY	Reviewed and Approved

Explanation

To authorize the issuance of limited tax bonds in the amount of $200,000 for West Edge Business Center.

Title

Authorizing the issuance of limited tax bonds in the amount of $200,000 for West Edge Business Center ($200,000)

Section 55(B) of the City Charter.


Body

WHEREAS, it is now deemed necessary to issue and sell $200,000 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 acquiring of real estate and interests in real estate in connection with the urban redevelopment in the West Edge Business Center area, including site improvements and landscaping thereon, constructing and reconstructing the roadway along Harmon Avenue, constructing right-of-way improvements to the Mound and Souder intersection, and constructing, reconstructing and repairing sidewalks and curbs; 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 the principal sum of Two Hundred Thousand Dollars ($200,000) (the "Bonds") for the purpose set forth above and for paying the cost of advertising, printing and legal services and other costs incidental thereto. The Bonds shall be issued in one lot.

Section 2. There shall be and is hereby levied annually on all the taxable property in the Municipality, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt Service Levy") for each year during which any of the Bonds are outstanding, for the purpose of providing, and in an amount which is sufficient to provide, funds to pay interest upon the Bonds as and when the sam...