header-left
File #: 0992-2006    Version: 1
Type: Ordinance Status: Passed
File created: 5/22/2006 In control: Finance & Economic Development Committee
On agenda: 6/5/2006 Final action: 6/8/2006
Title: Authorizing the issuance and sale of special assessment bond anticipation notes in the amount of $300,000 for the Strimple, Kilbourne and Minerva Avenues Assessment Sewer Project. ($300,000). Section 55(b) of the City Charter
Explanation

This ordinance authorizes the issuance and sale of special assessment bond anticipation notes in the amount of $300,000 for the Strimple, Kilbourne and Minerva Avenues Assessment Sewer Project. The note will be sold to the City's Treasury Investment Board.


Title

Authorizing the issuance and sale of special assessment bond anticipation notes in the amount of $300,000 for the Strimple, Kilbourne and Minerva Avenues Assessment Sewer Project. ($300,000).

Section 55(b) of the City Charter

Body

WHEREAS, pursuant to Ordinance 1776-2004 adopted October 18, 2004, this Council determined to proceed with the sanitary sewer improvements described below in accordance with Resolution 172X-2003 adopted by this Council on June 16, 2003; 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 five (5) years; and
WHEREAS, it is deemed necessary to issue notes in anticipation of the issuance of bonds, in the amount of $300,000, to provide for the payment of a portion of the costs of the street lighting 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 $300,000 (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of sanitary sewer improvements to an existing, unsewered residential area on the northeast side of the City and including 13 lots on Kilbourne Avenue, 88 lots on Strimple Avenue and five lots on Cleveland Avenue, and doing such other things as may be necessary in the City of Columbus, Ohio.

Section 2. The Bonds shall be of the denominatio...

Click here for full text