Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of not to exceed $56,905,000 for water improvements. This bond sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and Management and the City Auditor's Office.
Title
To authorize the issuance of unlimited tax bonds in the amount of not to exceed $56,905,000 for water improvements ($56,905,000)
Section 55(B) of the City Charter.
Body
WHEREAS, at the election held on November 2, 2004 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of One Hundred Million Dollars ($100,000,000) and levying taxes outside the ten mill limitation to pay the principal and interest on such bonds, the majority of those voting on the proposition voted in favor thereof; and
WHEREAS, it is now deemed necessary to issue and sell up to $56,905,000 of bonds under authority of the general laws of the State of Ohio, and in particular Section 133.23 of the Ohio Revised Code, for the purpose of acquiring real estate and interests in real estate, landscaping and making site improvements, improving existing water plants and acquiring and improving instrumentation and control systems, hydroelectric facilities, raw water conduits, transmission and distribution lines, booster stations, tanks, lagoons and levees; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvement stated above which is to be financed from the proceeds of said bonds exceeds five (5) years and the maximum maturity of said bonds is twenty (20) years.
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 Fifty Six Million Nine Hundred Five Thousand Dollars ($56,905,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance ...
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