Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $1,285,000 for the City Auditor's Office. This bond sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and Management and the City Auditor's Office.
Title
To authorize the issuance of limited tax bonds in the amount of not to exceed $1,285,000 for the City Auditor's information systems project ($1,285,000)
Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $1,285,000 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 of acquiring, developing, designing, improving and installing accounting and information systems software and hardware and related network infrastructure; 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 ten (10) 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 One Million Two Hundred Eighty-Five Thousand Dollars ($1,285,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council, 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 ...
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