Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of not to exceed $6,035,000.00 for refuse collection purposes. The bond sale will be conducted on a negotiated basis with Stifel, Nicolaus & Company, Inc., as senior manager, and J.P. Morgan Securities, co-senior manager.
Title
To authorize the issuance of unlimited tax bonds in the amount of not to exceed $6,035,000 for refuse collection projects ($6,035,000). Section 55(B) of the City Charter.
Body
WHEREAS, at the election held on November 2, 2004 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of Twenty-One Million One Hundred Thousand Dollars ($21,100,000) and levying taxes outside the ten mill limitation to pay the principal and interest on such bonds, the majority of those voting on the proposition voted in favor thereof; and
WHEREAS, at the election held on November 4, 2008 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of Thirty-Two Million Two Hundred Five Thousand Dollars ($32,205,000) and levying taxes outside the ten mill limitation to pay the principal and interest on such bonds, the majority of those voting on the proposition voted in favor thereof; and
WHEREAS, it is now deemed necessary to issue and sell up to $6,035,000 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 acquiring, constructing and improving facilities for the Division of Refuse Collection, including but not limited to sanitation trucks, containers and related equipment, and landscaping and making site improvements on real estate owned by the City for such purposes, and refunding bonds previously issued for such purpose; 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...
Click here for full text