City of Columbus - File #: 1361-2009

• File #: 1361-2009
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/8/2009
• In control: Finance & Economic Development Committee
• On agenda: 10/19/2009
• Final action: 10/20/2009
• Title: Authorizing the issuance of unlimited tax bonds in an amount not to exceed $275,005,000 for the purpose of providing funds to refund either currently or in advance, certain outstanding unlimited tax general obligation bonds of the City ($275,005,000). Section 55(B) of the City Charter.

Date	Ver.	Action By	Action	Result
10/20/2009	1	MAYOR	Signed
10/20/2009	1	CITY CLERK	Attest
10/19/2009	1	Columbus City Council	Approved	Pass
10/19/2009	1	Columbus City Council	Waive the 2nd Reading	Pass
10/19/2009	1	COUNCIL PRESIDENT	Signed
10/13/2009	1	City Clerk's Office	Sent back for Clarification/Correction
10/13/2009	1	Finance Drafter	Sent to Clerk's Office for Council
10/9/2009	1	City Clerk's Office	Sent back for Clarification/Correction
10/9/2009	1	Finance Drafter	Sent to Clerk's Office for Council
10/8/2009	1	FINANCE DIRECTOR	Reviewed and Approved
10/8/2009	1	Finance Drafter	Sent for Approval
10/8/2009	1	Auditor Reviewer	Reviewed and Approved
10/8/2009	1	CITY AUDITOR	Reviewed and Approved
10/8/2009	1	Finance Drafter	Sent for Approval
10/8/2009	1	CITY ATTORNEY	Reviewed and Approved
10/8/2009	1	Finance Drafter	Sent to Clerk's Office for Council

Explanation

This ordinance authorizes the issuance of unlimited tax bonds in the amount of not to exceed $275,005,000.00 for the purpose of providing funds to refund either currently or in advance, certain outstanding unlimited tax 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

Authorizing the issuance of unlimited tax bonds in an amount not to exceed $275,005,000 for the purpose of providing funds to refund either currently or in advance, certain outstanding unlimited tax general obligation bonds of the City ($275,005,000). 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") unlimited tax general obligation of the Municipality to wit:
Title Dated Outstanding Amount Callable Amount

Sewerage System Refunding, Series 1999-1 3/15/99 $ 3,410,000 $ 3,410,000
Various Purpose UT, Series 2002-1 11/15/02 86,715,000 49,335,000
Various Purpose UT, Series 2004-1 7/27/04 117,310,000 67,300,000
Various Purpose UT, Series 2005D 12/14/05 206,685,000 104,600,000
Various Purpose UT, Series 2006A 12/12/06 115,180,000 50,360,000

(the "Outstanding Series Bonds"), were issued and sold by the Municipality 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 providing for the refunding of the "Callable Amount" of such Outstanding Bonds (the "Refunded Bonds"); and
WHEREAS, due to current market conditions, this Council believes that it is in the best interest of the Municipality to refund the Refunded Bonds using the proceeds of refunding bonds, authorized by Section 133.34(A)(3) o...