Explanation
This ordinance authorizes the issuance of limited tax notes in the amount of not to exceed 8,150,000.00 for the purpose of providing funds to refund certain outstanding special obligation bonds of the City . This note sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and Management and the City Auditor's Office.
Title
Authorizing the issuance of limited tax notes in an amount not to exceed $8,150,000 for the purpose of providing funds to refund certain outstanding special obligation bonds of the City ($8,150,000). Section 55(B) of the City Charter.
Body
WHEREAS, pursuant to a Trust Agreement (the "Original Trust Agreement"), dated as of October 1, 2004, between the City of Columbus, Ohio (the "Municipality" or the "City") and The Bank of New York Mellon Trust Company, N.A. (the "Trustee"), as successor to J.P. Morgan Trust Company, National Association, as supplemented and amended by a First Supplement to Trust Agreement (the "First Supplement" and, together with the Original Trust Agreement, the "Trust Agreement"), dated as of May 1, 2005, between the Municipality and the Trustee, as authorized by Ordinance No. 0745-2004, duly adopted by the City Council (the "Council") of the Municipality on April 19, 2004, the City issued bonds designated the City of Columbus, Ohio Subordinated Tax Increment Financing Bonds, Series 2005A (Polaris Project) in the maximum authorized amount of $15,000,000, dated May 3, 2005 (the "Series 2005A Subordinated Bonds"), issued for the purpose of providing a portion of the funds required to pay for the costs of the Series 2004A Project (as defined in the Trust Agreement) and, to the extent there are any proceeds remaining from the Series 2005A Subordinated Bonds, to pay costs of other Public Improvements (as defined in the Trust Agreement); and
WHEREAS, $8,150,000 of the Series 2005A Subordinated Bonds remains currently outstanding (the "Outstanding O...
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