Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of not to exceed $67,300,000.00 for the purpose of providing funds to refund either currently or in advance, certain outstanding unlimited tax general obligation bonds of the City.
Title
To authorize the issuance of unlimited tax bonds in an amount not to exceed $67,300,000.00 for the purpose of providing funds to refund either currently or in advance, certain outstanding unlimited tax general obligation bonds of the City ($67,300,000.00). Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to various ordinances passed by City Council (the "Council") of the City of Columbus, Ohio (the "Municipality" or the "City"), the City issued $160,435,000 of its Various Purpose Unlimited Tax Bonds, Series 2004-1, dated July 27, 2004 (the "Outstanding Bonds"), of which $67,300,000 is callable on or after July 1, 2014 (the "Callable Amount"), which Outstanding Bonds were issued and sold for the purposes described in those ordinances authorizing such issuance; and
WHEREAS, the Municipality can achieve a reduction in the debt service associated with the Outstanding Bonds by providing for the refunding of the Callable Amount (the "Refunded Bonds"); and
WHEREAS, due to current market conditions, this Council believes that it is in the best interest of the Municipality to refund the Refunded Bonds using the proceeds of refunding bonds, authorized by Section 133.34(A)(3) of the Ohio Revised Code, together with other moneys available for that purpose, if any;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bonds of the Municipality shall be issued in one or more series, in the aggregate principal sum not to exceed Sixty-Seven Million Three Hundred Thousand Dollars ($67,300,000.00) (the "Unlimited Tax Refunding Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to th...
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