Explanation
This ordinance authorizes the issuance of unlimited tax bonds in an amount not to exceed $19,845,000 for the purpose of providing funds to currently refund the City's $66,965,000 Various Purpose Adjustable Rate Unlimited Tax Bonds, Series 1996-1, dated December 19, 1996, which are currently outstanding in the principal amount of $23,830,000. This bond sale will be conducted on a negotiated 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 an amount not to exceed $19,845,000 for the purpose of providing funds to currently refund the City's $66,965,000 Various Purpose Adjustable Rate Unlimited Tax Bonds, Series 1996-1, dated December 19, 1996, which are currently outstanding in the principal amount of $23,830,000. ($19,845,000)
Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to seven ordinances passed by the City Council (the "Council") of the City of Columbus, Ohio (the "Municipality" or the "City"), the City issued its $66,965,000 Various Purpose Adjustable Rate Unlimited Tax Bonds, Series 1996-1, dated December 19, 1996, which are currently outstanding in the principal amount of $23,830,000 (the "Outstanding Bonds"), for the purposes described in those ordinances and in the Outstanding Bonds; and
WHEREAS, due to current market conditions, this Council believes that it is in the best interest of the Municipality to retire the Outstanding Bonds by issuing fixed rate refunding securities pursuant to Section 133.34(A)(3) of the Ohio Revised Code;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bonds of the Municipality shall be issued in the principal sum not to exceed Nineteen Million Eight Hundred Forty-Five Thousand Dollars ($19,845,000.00) (the "2008B Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to ...
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