Explanation
To authorize the issuance of limited tax bonds in the amount of $6,645,000 for Northland Mall Acquisition. This bond sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and the City Auditor's Office.
Title
Authorizing the issuance of limited tax bonds in the amount of $6,645,000 for Northland Mall Acquisition ($6,645,000)
Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell $6,645,000 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 real estate and interests in real estate in the Northland Mall area, including 84 acreas of the former Northland Mall site, site improvements thereon, landscaping, and related appurtenances thereto; 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 twenty (20) years;
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 Six Million Six Hundred Forty-Five Thousand Dollars ($6,645,000) (the "Bonds") for the purpose set forth above and for paying the cost of advertising, printing and legal services and other costs incidental thereto. The Bonds shall be issued in one lot.
Section 2. There shall be and is hereby levied annually on all the taxable property in the Municipality, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt Service Levy") for each year during which any of the Bonds are outstanding, for the purpose of providing, and in an amount which is sufficient to provide, funds to pay interest upon the Bonds as and when the same fall...
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