Explanation
This ordinance authorizes the issuance and sale of Notes in the amount of $24,225,000 for the Parking Garages and Hayden Run Blvd. Phase I projects.
Title
To authorize the issuance of limited tax notes in the amount of not to exceed $24,225,000 for transportation projects. Section 55(b) of the City Charter.
($24,225,000).
Body
WHEREAS, it is now deemed necessary to issue and sell up to $24,225,000 of notes in anticipation of the issuance of bonds 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 widening, opening, extending, constructing, paving, repaving, improving and changing the line of expressways, freeways, roads, highways, bikeways, streets, alleys, bridges, viaducts, overpasses, underpasses, grade crossing eliminations, service and access roads, and sidewalks, including development of off-street parking facilities, the acquisition and installation of parking meters, traffic control systems, equipment and signs and related appurtenances thereto, the acquisition of real estate and interests in real estate and related equipment, and landscaping and making site improvements (the "Project"); and
WHEREAS, the City Auditor has certified to this Council (the "Council") that the estimated life of the improvement stated above which is to be financed from the proceeds of bonds and notes hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being twenty-five (25) years and notes being twenty (20) years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO THAT:
Section 1. It is hereby declared necessary to issue bonds (the "Bonds") of the City of Columbus, Ohio (the "Municipality") in the maximum principal sum of $24,225,000 or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council for the purpose of paying the cost of the Projec...
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