Explanation
Background: To authorize the issuance of a special assessment bond for the Eastmoor II Street Light Assessment Project. The bond will be sold to the Trustees of the Sinking Fund.
Title
Authorizing the issuance and sale of special assessment bonds in the amount of $168,800 for the Eastmoor II Street Light Assessment Project. ($168,800).
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 1973-02 adopted December 16, 2002, this Council determined to proceed with the street lighting project described below in accordance with Resolution 93X-02 adopted by this Council on May 20, 2002; and
WHEREAS, pursuant to Ordinance 0473-03 adopted March 31, 2003, notes in the principal amount of $328,000 (the "Outstanding Notes") were issued in anticipation of the issuance of bonds in anticipation of the levy and collection of special assessments for the purpose hereinafter stated; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvements to be constructed from the proceeds of the bonds hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $168,800 to provide for the payment of a portion of the principal of and interest on the Outstanding Notes;
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 Hundred Sixty-Eight Thousand Eight Hundred and 00/100 Dollars ($168,800) (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of installing a high pressure sodium street lighting system with ornamental poles and underground wiring in the Eastmoor II area, which includes Bexley Park Road from Gould Road to James Road, Bryden Road from Gould Road to Enfield R...
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