Title
Authorizing the issuance and sale of special assessment bonds in the amount of $83,487 for the Woodstream East Subdivision Street Light Assessment Project. ($83,487).
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 0654-02 adopted April 22, 2002, this Council determined to proceed with the street lighting project described below in accordance with Resolution 118X-01 adopted by this Council on July 9, 2001; and
WHEREAS, pursuant to Ordinance 0471-03 adopted March 31, 2003, notes in the principal amount of $140,000 (the "Outstanding Notes") were issued in anticipation of the issuance of bonds in anticipation of the levy and collection of special assessments for the purpose hereinafter stated; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvements to be constructed from the proceeds of the bonds hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $83,487 to provide for the payment of a portion of the principal of and interest on the Outstanding Notes;
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bonds of the City of Columbus, Ohio (the "Municipality") shall be issued in the principal sum of Eighty-three Thousand Four Hundred Eighty-seven and 00/100 Dollars ($83,487) (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of installing a high pressure sodium street lighting system with ornamental poles and underground wiring for the Woodstream East Subdivision including Woodstream Drive from Sunbury Road to Woodstream Court, Pleasant Woods Court, Still Breeze Court, Whisper Cove Court, Big Walnutview Drive, Twig Court, and Big Walnutview Court by installing poles, fixtures, power cable, and conduit, constructing control facilities, an...
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