Explanation
This ordinance will authorize the issuance and sale of special assessment bond anticipation notes in the amount of $286,000.00 for the Lockbourne Road Area Sanitary Sewer Assessment Project. The note will be sold to the City's Treasury Investment Board.
Title
To authorize the issuance and sale of special assessment bond anticipation notes in the amount of $286,000.00 for the Lockbourne Road Area Sanitary Sewer Assessment Project and retiring notes previously issued for such purpose. ($286,000.00) Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 0027-2009 adopted February 10, 2009, this Council determined to proceed with the sanitary sewer project described below in accordance with Resolution 0039X-2008 adopted by this Council on March 6, 2008; and
WHEREAS, pursuant to Ordinance No. 1436-2010 adopted on October 18, 2010, notes in the aggregate principal amount of $286,000.00 (the "Outstanding Notes") were issued on November 16, 2010 in anticipation of the issuance of bonds in anticipation of the levy and collection of special assessments for the purpose hereinafter stated, which Outstanding Notes will mature November 16, 2011; and
WHEREAS it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of bonds and to retire the Outstanding Notes; 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 and notes hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years and the maximum maturity of notes being three (3) years.
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. It is hereby declared necessary to issue bonds of the City of Columbus, Ohio, (the "City") in the principal sum of $286,000.00 (the "Bonds") in anticipation of the levy and collection of special assessments for the purpo...
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