Explanation
1. Background
This ordinance authorizes the issuance and sale of a special assessment bond anticipation note in the amount of $161,000 to refund outstanding notes issued for the purpose of financing the costs of the Morningstar/North-Forty Street Lighting Assessment Project ($161,000). The original note was issued in February, 2023. Proceeds from the 2024 note sale will be used to provide for the payment of the 2023 notes that will mature on February 23, 2024. This note shall be sold to the City's Treasury and Investment Board.
2. Fiscal Impact
A note in an amount not to exceed $161,000 will be issued. It is the intent that the debt service associated with the issuance of the note will be paid from assessments paid by the property owners benefiting from the Morningstar/North-Forty Street Lighting Assessment Project.
3. Emergency Designation
Emergency action is requested to allow for immediate issuance of notes in order to refund the Outstanding Notes prior to maturity.
Title
To authorize the issuance and sale of a special assessment bond anticipation note in the amount of $161,000.00 for the Morningstar/North-Forty Street Lighting Assessment Project; and to declare an emergency ($161,000.00).
Section 44-1(b)
Body
WHEREAS, pursuant to Ordinance No. 2997-2022 adopted on November 21, 2022, City Council (the “Council” of the City of Columbus, Ohio (the “City”)), has previously determined to proceed with the street lighting project described below in accordance with Resolution No. 0014X-2019 adopted by this Council on February 4, 2019; and
WHEREAS, Council has issued notes dated February 23, 2023, in anticipation of the issuance of bonds described herein, in the aggregate principal amount of $161,000, which notes will mature on February 23, 2024 (the “Outstanding Notes”); and
WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of bonds, and to retire the Outstanding Notes under...
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