Explanation
This ordinance authorizes the issuance of limited tax notes bonds in the amount of not to exceed 8,150,000.00 for the purpose of providing funds to refund certain outstanding notes of the City.
Title
To authorize the issuance of limited tax notes bonds in an amount not to exceed $8,150,000.00 for the purpose of providing funds to refund certain outstanding notes of the City ($8,150,000.00). Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to Ordinance No. 1507-2009, duly adopted by the City Council (the "Council") for the City of Columbus, Ohio (the "Municipality" or the "City") on November 9, 2009, limited tax general obligation notes in the principal amount of $8,150,000 (the "Outstanding Notes") dated December 10, 2009 were issued in anticipation of the issuance of bonds for the purpose of refunding certain special obligations of the City designated City of Columbus, Ohio Subordinated Tax Increment Financing Bonds, Series 2005A (Polaris Project) in the amount of $15,000,000.00 dated May 3, 2005 (the "Original Obligations"), and such notes mature December 10, 2010; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvements stated above which is to be financed from the proceeds of said bonds exceeds five (5) years and the maximum maturity of said Original Obligations being May 3, 2035, which date is thirty (30) years following the date of the original issuance of the Original Obligations (determined in accordance with Section 133.34(A)(1), of the Ohio Revised Code).
WHEREAS, it is now deemed necessary to issue and sell not to exceed $8,150,000.00 of such bonds under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in particular Section 133.23 thereof, for the purpose stated herein;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bonds of the City of Columbus, Ohio (the "Municip...
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