Explanation
This ordinance authorizes the issuance and sale of special assessment bonds in the amount of $144,592 for the Berwick I Street Light Assessment Project.
Title
Authorizing the issuance and sale of special assessment bonds in the amount of $144,592 for the Berwick I Street Light Assessment Project. ($144,592).
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 1998-2003 adopted September 22, 2003, this Council determined to proceed with the street lighting project described below in accordance with Resolution 154X-2002 adopted by this Council on September 9, 2002; and
WHEREAS, pursuant to Ordinance 0888-2004 adopted May 17, 2004 notes in the principal amount of $354,000 (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 twenty (20) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $144,592 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 One Hundred Forty-Four Thousand Five Hundred Ninety-Two Dollars ($144,592) (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of installing a high pressure sodium street lighting system with ornamental poles and underground wiring in the Berwick I area including Burnaby Drive, Floribunda Drive, Halleck Place, Halleck Drive, Mitzi Drive, Peace Place, Rose View Driv...
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