City of Columbus - File #: 1099-2006

• File #: 1099-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/8/2006
• In control: Finance & Economic Development Committee
• On agenda: 6/19/2006
• Final action: 6/23/2006
• Title: Authorizing the issuance and sale of special assessment bonds in the amount of $50,512 for the Raspberry Run Street Lighting Assessment Project. ($50,512) Section 55(b) of the City Charter

Date	Ver.	Action By	Action	Result
6/23/2006	1	CITY CLERK	Attest
6/22/2006	1	MAYOR	Signed
6/19/2006	1	Columbus City Council	Waive the 2nd Reading	Pass
6/19/2006	1	Columbus City Council	Approved	Pass
6/19/2006	1	COUNCIL PRESIDENT PRO-TEM	Signed
6/9/2006	1	CITY AUDITOR	Reviewed and Approved
6/9/2006	1	CITY AUDITOR	Reviewed and Approved
6/9/2006	1	Finance Drafter	Sent for Approval
6/9/2006	1	CITY ATTORNEY	Reviewed and Approved
6/9/2006	1	Finance Drafter	Sent to Clerk's Office for Council
6/8/2006	1	Finance Drafter	Sent for Approval
6/8/2006	1	FINANCE DIRECTOR	Reviewed and Approved
6/8/2006	1	Finance Drafter	Sent for Approval

Explanation

This ordinace authorizes the issuance and sale of special assessment bonds in the amount of $50,512 for the Raspberry Run Street Lighting Assessment Project. The bond will be placed by Huntington Capital Corp. The bond proceeds will allow for the retirement of a previously issued special assessment note which is maturing on June 28, 2006.


Title

Authorizing the issuance and sale of special assessment bonds in the amount of $50,512 for the Raspberry Run Street Lighting Assessment Project. ($50,512)

Section 55(b) of the City Charter


Body

WHEREAS, pursuant to Ordinance 1844-2004 adopted November 15, 2004, this Council determined to proceed with the street lighting project described below in accordance with Resolution 028X-2004 adopted by this Council on March 9, 2004; and
WHEREAS, pursuant to Ordinance 0768-2005 adopted April 25, 2005, notes in the principal amount of $95,000 (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 twenty (20) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $50,512 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 Fifty Thousand Five Hundred Twelve Dollars ($50,512) (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 ornamenta...