Explanation
This ordinance authorizes the issuance of adjustable rate unlimited tax bonds in the amount not to exceed $79,980,000 for the Division of Sewerage and Drainage - Sanitary. 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. The bonds will fund various sanitary captial improvement projects. The bonds will be sold to JPMorgan Securities, Inc.
Title
To authorize the issuance of adjustable rate unlimited tax bonds in the amount not to exceed $79,980,000.00 for sanitary sewers. ($79,980,000.00)
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 Ninety-Five Million Seven Hundred Eighty-Five Thousand Dollars ($95,785,000) and levying taxes outside the ten mill limitation to pay the principal of 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 not to exceed $79,980,000 of bonds pursuant to such voted authority and 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, landscaping and making site improvements, expanding and improving existing wastewater treatment facilities, constructing new wastewater treatment facilities, acquiring and improving instrumentation and control systems, sewer lines, pumping stations, lagoons and levees, constructing storm and sanitary sewer septations, and acquiring related machinery, equipment and appurtenances; and refunding bonds previously issued for such purpose; and
WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the improvement stated above which is to be financed from the proceeds of said ...
Click here for full text