Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of $58,970,000 for the Transportation Division. This bond sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and Management and the City Auditor's Office.
Title
Authorizing the issuance of unlimited tax bonds in the amount of not to exceed $58,970,000 for the Division of Transportation ($58,970,000)
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 One Hundred Eighty-Four Million Four Hundred Twenty Thousand Dollars ($184,420,000) 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 $58,970,000 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 widening, opening, extending, constructing, paving, repaving, improving and changing the line of expressways, freeways, roads, highways, bikeways, streets, alleys, bridges, viaducts, overpasses, underpasses, grade crossing eliminations, service and access roads, and sidewalks including development of offstreet parking facilities, the acquisition and installation of parking meters, traffic control systems, equipment and signs, the acquisition of real estate and interests in real estate and related equipment, and landscaping and site improvements; 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 (5) years and the maximum maturity of said bonds is fifteen (15) years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CI...
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