Explanation
To authorize the issuance of unlimited tax bonds in the amount of $15,420,000 for the Division of Electricity. This bond sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and the City Auditor's Office.
Title
Authorizing the issuance of unlimited tax bonds in the amount of $15,420,000 for the Division of Electricity ($15,420,000)
Section 55(B) of the City Charter.
Body
WHEREAS, at the election held on November 2, 1999 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of Twenty Eight Million Three Hundred Thirty Thousand Dollars ($28,330,000) and levying taxes outside the ten mill limitation to pay the principal and interest on such bonds, the majority of those voting on the proposition voted in favor thereof; and
WHEREAS, it is now deemed necessary to issue and sell $15,420,000 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 acquiring, constructing and improving facilities for the Division of Electricity, including the expansion and improvement of the municipal street lighting system, the construction and improvement of electrical distribution facilities, power lines, underground tunnels for power lines and other structures, the making of substation improvements and acquisition of real estate and interest in real estate and related equipment, landscaping and site improvements; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvement stated above which is to be financed from the proceeds of said bonds exceeds five (5) years and the maximum maturity of said bonds is ten (10) years;
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 Fifteen Million Four Hu...
Click here for full text