Explanation
This ordinance authorizes the issuance of limited tax notes in the amount of not to exceed $25,000,000.00 for transportation projects.
Title
To authorize the issuance of limited tax notes in the amount of not to exceed $25,000,000 for transportation projects ($25,000,000.00) .Section 55(b) of the City Charter.
Body
WHEREAS, pursuant to Ordinance No. 1506-2009, duly adopted by the City Council (the "Council") for the City of Columbus, Ohio (the "Municipality" or the "City") on November 9, 2009, notes in the principal amount of $29,500,000 (the "Outstanding Notes") dated December 10, 2009 were issued in anticipation of the issuance of bonds for the purpose of widening, opening, extending, constructing, paving, repaving, improving and changing the line of expressways, freeways, roads, highways, bikeways, streets, alleys, bridges, viaducts, overpasses, underpasses, grade crossing eliminations, service and access roads, and sidewalks, including development of off-street parking facilities, the acquisition and installation of parking meters, traffic control systems, equipment and signs and related appurtenances thereto, the acquisition of real estate and interests in real estate and related equipment, and landscaping and making site improvements (the "Project"), and such notes mature December 10, 2010; and
WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of bonds; and
WHEREAS, it is now deemed necessary to issue and sell up to $25,000,000 of notes in anticipation of the issuance of bonds under authority of the general laws of the State of Ohio, and in particular Section 133.23 of the Ohio Revised Code, to provide for the payment of a portion of the Outstanding Notes and to provide for additional costs of the Project; 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...
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