Explanation
BACKGROUND:
This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $23,000,000.00 to issue bond anticipation notes for the purpose of financing the costs of purchasing, constructing and implementing the Zero Trust Network.
FISCAL IMPACT: A note in an amount not to exceed $23,000,000.00 will be issued. This ordinance also includes additional monies to provide for the cost of advertising, printing and legal services and other costs incidental thereto, currently estimated not to exceed $25,000.00.
EMERGENCY DESIGNATION: This legislation is considered an emergency in order to provide for the timely issuance of debt and allow for financing of the project.
Title
To authorize the issuance of limited tax bond anticipation notes in an amount not to exceed $23,000,000.00 for the purpose of financing the costs of the purchase of IT hardware and software known as the Zero Trust Network Project; to authorize the expenditure of $25,000.00 from the Info Services Operating Fund; and to declare an emergency. ($23,025,000.00)
Section 44-1(b)
Body
WHEREAS, City Council (the “Council”) of the City of Columbus, Ohio (the “City”) intends to authorize an agreement with CDW Government, LLC for the purchase of IT hardware and software known as the Zero Trust Network Project (the “Project”); and
WHEREAS, it is now deemed necessary to issue and sell up to $23,000,000 of notes in anticipation of the issuance of bonds under authority of the general laws of the State of Ohio, and in particular Section 133.23 of the Ohio Revised Code, to pay costs of the Project; 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 bonds and notes hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being six (6) years and notes being six (6) years; and
WHEREAS, an emergency exists in the usual daily...
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