Explanation
This ordinance authorizes the issuance of limited tax bonds for the purpose of providing funds to advance refund the Police and Firemen's Disability and Pension Fund Employer's Accrued Liability Bonds issued in 1998.
Title
To authorize the issuance of limited tax bonds in an amount not to exceed $16,000,000 for the purpose of providing funds to advance refund certain outstanding general obligation bonds of the City ($16,000,000)
Body
WHEREAS, pursuant to Ordinance No. 1405-98 adopted on June 1, 1998 by the City Council (the "Council") of the City of Columbus, Ohio (the "Municipality"), the Municipality issued and sold limited tax general obligation bonds, designated "Police and Firemen's Disability and Pension Fund Employer's Accrued Liability Refunding Bonds" in the aggregate principal amount of $25,100,000, for the purposes described in the ordinance referred to above, of which $19,680,000 currently remains outstanding (the "Outstanding Bonds"); and
WHEREAS, this Council believes that it is in the best interest of the Municipality to achieve a reduction in the debt service associated with the Outstanding Bonds by providing for the advance refunding of all or a portion of the callable portion of the Outstanding Bonds, together with other moneys available for that purpose, if any;
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 Sixteen Million Dollars ($16,000,000) (the "Bonds") for the purpose of advance refunding all or a portion of the callable portion of the Outstanding Bonds. 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 within 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 providin...
Click here for full text