Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $550,000 for Parsons Avenue development projects. 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 limited tax bonds in the amount of not to exceed $550,000 for Parsons Avenue development projects ($550,000)
Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $550,000 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 making improvements to Parsons Avenue, demolition, and related appurtenances thereto for potential development projects and acquiring land and interests in land; 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 Five Hundred Fifty Thousand Dollars ($550,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council, for the purpose set forth above and for paying the cost of advertising, printing and legal services and other costs incidental thereto. The Bonds shall be issued in one lot.
Section 2. This Council reasonably expects certain expenditures of the Municipality from Fund 735 in an amount not to exceed $550,000 and made in connection with the Parsons Avenue projects described in Section 10 of this Ordinance to be repaid to Fund 735 from a specific arrangement or arra...
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