Explanation
This ordinance authorizes the issuance and sale of a special assessment bond in the amount of $330,043.00 for the Hilock/Lewis Phase II Area Sanitary Sewer Project. The bond will be placed by The Huntington Investment Company. The bond proceeds will allow for the retirement of a previously issued special assessment note which is maturing on December 4, 2008.
Title
To authorize the issuance and sale of special assessment bonds in the amount of $330,043.00 for the Hilock/Lewis Roads Phase II Sanitary Sewer Assessment Project. ($330,043.00) Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 1010-2003 adopted June 16, 2003, this Council determined to proceed with the sanitary sewer project described below in accordance with Resolution 140X-95 adopted by this Council on July 31, 1995; and
WHEREAS, pursuant to Ordinance 0501-2007 adopted April 2, 2007, notes in the principal amount of $500,000 (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 forty (40) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $330,043.00 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 Three Hundred Thirty Thousand Forty-three Dollars ($330,043.00) (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of constructing and installing sa...
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