Explanation
Background: To authorize the issuance of a special assessment bond for the Longview Avenue Street Light Assessment Project. The bond will be sold to the Trustees of the Sinking Fund. The proceeds will retire a special assessment not maturing on July 19, 2005.
Title
Authorizing the issuance and sale of special assessment bonds in the amount of $47,415.00 for the Longview Avenue Street Lighting Assessment Project. ($47,415.00).
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 2664-2003 adopted January 12, 2004, this Council determined to proceed with the street lighting project described below in accordance with Resolution 204X-2002 adopted by this Council on December 2, 2002; and
WHEREAS, pursuant to Ordinance 0889-2004 adopted May 17, 2004 notes in the principal amount of $86,000 (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 ten (10) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $47,415.00 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 Forty-Seven Thousand Four Hundred Fifteen Dollars ($47,415.00) (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 ornamental poles and underground wiring on Longview Avenue between Nor...
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