City of Columbus - File #: 2251-2006

• File #: 2251-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/30/2006
• In control: Finance & Economic Development Committee
• On agenda: 12/11/2006
• Final action: 12/13/2006
• Title: To authorize the issuance and sale of special assessment bonds in the amount of $212,753 for the Berwick II and III Street Light Assessment Project. ($212,753). Section 55(b) of the City Charter

Date	Ver.	Action By	Action	Result
12/13/2006	1	MAYOR	Signed
12/13/2006	1	CITY CLERK	Attest
12/11/2006	1	Columbus City Council	Waive the 2nd Reading	Pass
12/11/2006	1	Columbus City Council	Approved as Amended	Pass
12/11/2006	1	COUNCIL PRESIDENT	Signed
12/1/2006	1	Finance Drafter	Sent for Approval
12/1/2006	1	Auditor Reviewer	Reviewed and Approved
12/1/2006	1	CITY AUDITOR	Reviewed and Approved
12/1/2006	1	Finance Drafter	Sent for Approval
12/1/2006	1	CITY ATTORNEY	Reviewed and Approved
12/1/2006	1	Finance Drafter	Sent to Clerk's Office for Council
11/30/2006	1	Finance Drafter	Sent for Approval
11/30/2006	1	FINANCE DIRECTOR	Reviewed and Approved

Explanation

This ordinance authorizes the issuance and sale of special assessment bonds in the amount of $212,753.00 for the Berwick II and III Street Lighting Project. The bond will be placed by Huntington Capital Corp. The bond proceeds will allow for the retirement of a previously issued special assessment note which is maturing on December 28, 2006.


Title

To authorize the issuance and sale of special assessment bonds in the amount of $212,753 for the Berwick II and III Street Light Assessment Project. ($212,753).

Section 55(b) of the City Charter


Body

WHEREAS, pursuant to Ordinance Nos. 2027-2004 and 2029-2004 adopted November 24, 2004, this Council determined to proceed with the street lighting projects described below in accordance with Resolution Nos. 090X-2004 and 091X-2004 adopted by this Council on April 19, 2004; and
WHEREAS, pursuant to Ordinance Nos. 0766-2005 and 0767-2005 adopted on April 25, 2005, notes in the aggregate principal amount of $543,000 (the "Outstanding Notes") were issued in anticipation of the issuance of bonds in anticipation of the levy and collection of special assessments for the purpose hereinafter stated; 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 notes hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $212,753 to provide for the payment of a portion of the principal of and interest on the Outstanding Notes;
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 Twelve Thousand Seven Hundred Fifty-Three Dollars ($212,753) (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providin...