Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $1,010,000 for Green Columbus Fund project . 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 the amount of not to exceed $1,010,000 for certain Green Columbus Fund projects ($1,010,000). Section 55(B) of the City Charter
Body
WHEREAS, it is now deemed necessary to issue and sell up to $1,010,000 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 providing funding for the Green Columbus Fund, which fund will be used to further the Get Green Columbus initiative by, among other things, (1) making grants (a) for the purchase of contaminated property within Columbus' CDBG Service Area or 1950 boundaries, and (b) to finance the costs of completed Phase 1 Environmental Assessments and Phase 2 Environmental Assessments to determine clean-up costs; and (2) facilitating LEED (Leadership in Energy and Environmental Design) Certification of "green" buildings within the City of Columbus by, among other things, providing funds for (x) full or partial reimbursement of the LEED Certification fee charged by the U.S. Green Building Council, and (y) further reimbursement of the LEED Certification fee based on the number of LEED credits and the location of the building within the City of Columbus; 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 seven (7) 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...
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