Explanation
This ordinance authorizes the issuance of limited tax general obligation bonds in an amount not to exceed $1,200,000 for the purpose of providing funds to currently refund certain outstanding special obligation bonds designated "City of Columbus, Ohio Tax Increment Financing Bonds, Series B (Brewery District Project)" of the City.
Title
Authorizing the issuance of limited tax general obligation bonds in an amount not to exceed $1,200,000 for the purpose of providing funds to currently refund certain outstanding special obligation bonds of the City. ($1,200,000)
Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to Ordinance No. 1266-02 (the "2002 Ordinance") passed by the City Council (the "Council"), of the City of Columbus, Ohio (the "Municipality") issued and sold special obligation bonds designated "City of Columbus, Ohio Tax Increment Financing Bonds, Series B (Brewery District Project)" in the principal amount of $2,900,000, dated August 29, 2002, of which $1,200,000 remains currently outstanding (the "Outstanding Bonds"), for the purposes described in the 2002 Ordinance and the Outstanding Bonds; and
WHEREAS, due to current market conditions, this Council believes that it is in the best interest of the Municipality to retire the Outstanding Bonds by issuing fixed rate refunding securities pursuant to Section 133.34(A)(1), Ohio Revised Code;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bonds of the Municipality shall be issued in the principal sum of One Million Two Hundred Thousand Dollars ($1,200,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council, for the purpose of currently refunding all or a portion of the outstanding portion of the Outstanding Bonds. The Bonds shall be issued in one lot.
Section 2. There shall be and is hereby levied annually on all the taxable property in ...
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