Explanation
Pursuant to multiple ordinances duly adopted on June 28, 2010 (collectively, the "Bond Ordinances"), this Council has authorized the issuance of "new money" unlimited tax general obligation bonds in an aggregate amount not to exceed $350,530,000 (the "2010 New Money Unlimited Tax Bonds") and "new money" limited tax general obligation bonds in an aggregate amount not to exceed $28,820,000 (the "2010 New Money Limited Tax Bonds").
This ordinance authorizes the City Auditor to designate a portion of certain unlimited tax and limited tax general obligation bonds previously authorized by this Council as "Recovery Zone Economic Development Bonds".
Title
To authorize the City Auditor to designate a portion of certain unlimited tax and limited tax general obligation bonds previously authorized by this Council as "Recovery Zone Economic Development Bonds" Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to Resolution No. 0159X-2009, duly adopted by this Council on October 19, 2009, the City of Columbus (the "Municipality") has been designated as a "Recovery Zone" under Section 1400U-1 of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, pursuant to multiple ordinances duly adopted on June 28, 2010 (collectively, the "Bond Ordinances"), this Council has authorized the issuance of "new money" unlimited tax general obligation bonds in an aggregate amount not to exceed $350,530,000 (the "2010 New Money Unlimited Tax Bonds") and "new money" limited tax general obligation bonds in an aggregate amount not to exceed $28,820,000 (the "2010 New Money Limited Tax Bonds" and, together with the 2010 New Money Unlimited Tax Bonds, the "Bonds"); and
WHEREAS, the Municipality has applied to the State of Ohio to request an allocation of additional volume cap to permit the issuance of a portion of the Bonds as "Recovery Zone Economic Development Bonds" within the meaning of Section 1400U-2 of the Code, and this Counc...
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