Explanation
BACKGROUND: This legislation resolves that it is necessary to proceed with the issue of bonds and certifying the same to the board of elections in the amount of $250,000,000 for health, safety, and infrastructure. The election will be held on November 4, 2025.
FISCAL IMPACT: No Impact
EMERGENCY DESIGNATION: This legislation is considered an emergency in order to comply with the required election filing deadlines with the Franklin County Board of Elections.
Title
To determine to proceed with the issue of bonds and certifying same to the board of elections in the amount of $250,000,000 for health, safety, and infrastructure; and to declare an emergency ($250,000,000).
Section 44-1(e) of the City Charter.
Body
WHEREAS, the City Council (the “Council”) of the City of Columbus, Ohio, (the “City”) at its regular meeting on June 9, 2025, determined that it is necessary to issue bonds in the amount of $250,000,000 (the “Bonds”) for the purpose of acquiring, constructing, renovating, and improving municipal facilities and other infrastructure, including health and safety facilities and improvements, acquiring real estate and interests in real estate, landscaping and otherwise improving the sites thereof, and acquiring furnishings, equipment and appurtenances, and that it is necessary that a direct tax be annually levied on all the taxable property in the City outside of the ten-mill limitation to meet the debt charges on the Bonds and any securities issued in anticipation thereof;
WHEREAS, the County Auditor of Franklin County, Ohio has certified to the Council that based on the City’s current total taxable value of $28,515,465,850, an estimated average annual property tax levy of 0.78 mills for each $1 of taxable value, which amounts to $27 for each $100,000 of the “county auditor’s appraised value” (as defined in Ohio Revised Code Section 5705.01(P)), will be required to pay the principal of and interest on the Bonds over 17 years, which is t...
Click here for full text