Explanation
Background: To authorize the issuance of a special assessment bond for the Clintonville II Street Light Assessment Project. This bond will be placed by the Huntington Capital Corp. The proceeds from this sale will retire a special assessment note that is maturing on April 2, 2005.
Title
Authorizing the issuance and sale of special assessment bonds in the amount $713,818 for the Clintonville II Street Light Assessment Project. ($713,818).
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 1165-02 adopted July 15, 2002, this Council determined to proceed with the street lighting project described below in accordance with Resolution 120X-01 adopted by this Council on July 9, 2001; and
WHEREAS, pursuant to Ordinance 0472-2003 adopted March 31, 2003 notes in the principal amount of $1,225,000 (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 and notes 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 $713,818 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 Seven Hundred Thirteen Thousand Eight Hundred Eighteen Dollars ($713,818) (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 Clinton...
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