Explanation
This ordinance authorizes the issuance of limited tax notes in the amount not to exceed $2,100,000 for roadway improvements in the Preserve District. This note will be sold on a competitive basis.
Title
To authorize the issuance of limited tax notes in the amount of not to exceed $2,100,000 for the Preserve District project improvements ($2,100,000). Section 55(b) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $2,100,000 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, for the purpose of widening Thompson Road east of Hamilton Road to the bridge over Rocky Fork Creek and bridge replacement; widening Morse Road from Hamilton Road to the U.S. 62/Morse Road Roundabout, including roundabout enhancements; and all other infrastructure improvements and appurtenances necessary to complete the Preserve tax increment financing project (the "Preserve Project") as authorized by Ordinance 2117-2005 adopted by City Council on December 12, 2005.; 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 bonds and notes hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being thirty (30) years and notes being twenty (20) years.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO THAT:
Section 1. It is hereby declared necessary to issue bonds (the "Bonds") of the City, in the maximum principal sum of $2,100,000 or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council, for the purpose of providing for the cost of advertising, printing and legal services and other costs incidental thereto.
Section 2. The Bonds shall be dated prior to the maturity date of the Notes ...
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