Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $120,285,000.00 for the purpose of providing funds to refund either currently or in advance, certain outstanding general obligation bonds of the City. The bond sale will be conducted on a negotiated basis with Stifel, Nicolaus & Company, Inc., as senior manager, and J.P. Morgan Securities, co-senior manager.
Title
To authorize the issuance of limited tax bonds in an amount not to exceed $120,285,000 for the purpose of providing funds to refund, either currently or in advance, certain outstanding general obligation bonds of the City ($120,285,000). 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"), limited tax general obligation bonds of the Municipality, to wit:
Title Dated Outstanding Amount Callable Amount
Various Purpose LT, Series 2004-2 07/27/04 99,155,000 55,295,000
Various Purpose LT, Series 2005E 12/14/05 29,485,000 14,800,000
Various Purpose LT, Series 2006B 12/12/06 66,610,000 33,125,000
(the "Outstanding Limited Tax Bonds"), and unlimited tax general obligation bonds of the Municipality, to wit:
Title Dated Outstanding Amount Callable Amount
Various Purpose UT, Series 2002-1 11/15/02 $ 77,370,000 $ 49,335,000
Various Purpose UT, Series 2004-1 7/27/04 117,310,000 67,300,000
Various Purpose UT, Series 2005D 12/14/05 191,295,000 104,600,000
Various Purpose UT, Series 2006A 12/12/06 106,775,000 50,360,000
(the "Outstanding Unlimited Tax Bonds" and together with the Outstanding Limited Tax Bonds, the "Outstanding Bonds"), were issued and sold for the purposes described in those ordinances and in the Outstanding Bonds; and
WHEREAS, the Municipality can achieve a reduction in the debt service associated with the Outstanding Bonds by pr...
Click here for full text