Explanation
BACKGROUND: This ordinance authorizes the issuance of unlimited tax bonds in an amount not to exceed $55,460,000.00 for health, safety, and infrastructure-related projects. This ordinance also authorizes the appropriation and expenditure of $4,000,000.00 from the Debt Retirement Fund for costs of issuance. Proceeds of the bond sale will be used to fund a portion of capital improvement projects within the 2025 Capital Improvement Budget.
FISCAL IMPACT: A bond in the amount of $55,460,000.00 will be issued. This ordinance also includes monies to provide for the cost of advertising, printing, and legal services and other costs incidental thereto, currently estimated not to exceed $4,000,000.00. Future legislation will provide for the debt service associated with the bond issuance.
EMERGENCY: Emergency passage is requested to enable implementation of capital projects and take advantage of market conditions.
Title
To authorize the issuance of unlimited tax bonds in an amount not to exceed $55,460,000.00 for health, safety and infrastructure-related projects; to authorize the appropriation and expenditure of $4,000,000.00 from the Debt Retirement Fund for costs of issuance; and to declare an emergency. ($59,460,000.00)
Section 44-1(b) of the City Charter.
Body
See attached file: City of Columbus - 2025 Bonds - Unlimited Tax Pub. Safety Health Ordinance (2019 and 2022 Election)(25040745.1).pdf