Explanation
This ordinance will authorize the issuance and sale of special assessment bond anticipation notes in the amount of $500,000 for the Hilock/Lewis Roads Phase II 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 $500,000 for the Hilock/Lewis Roads Phase II Sanitary Sewer Assessment Project. ($500,000).
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 1010-2003 adopted June 16, 2003, this Council determined to proceed with the sanitary sewer project described below in accordance with Resolution 140X-95 adopted by this Council on July 31, 1995; 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 (20) years and the maximum maturity of notes being five (5) years; and
WHEREAS, it is deemed necessary to issue notes in anticipation of the issuance of bonds, in the amount of $500,000, to provide for the payment of a portion of the costs of the sanitary sewer project described below;
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 $500,000 (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of constructing and installing sanitary sewer improvements along Hilock Road from private Avenue B to east of Avenue T which includes private Avenues B, C, E, F, R, S, and T.
Section 2. The Bonds shall be in the denomination of $5,000 or any integral multiple thereof, shall be dated on or before the maturity date of the Notes hereinafter provided for...
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