City of Columbus - File #: 1189-2004

• File #: 1189-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/17/2004
• In control: Finance & Economic Development Committee
• On agenda: 6/28/2004
• Final action: 7/1/2004
• Title: Authorizing the issuance of limited tax bonds in an amount not to exceed $335,000 for the purpose of providing funds to currently refund certain outstanding general obligation bonds of the City. ($335,000) Section 55(B) of the City Charter.

Date	Ver.	Action By	Action	Result
7/1/2004	1	MAYOR	Signed
7/1/2004	1	CITY CLERK	Attest
6/28/2004	1	Columbus City Council	Approved	Pass
6/28/2004	1	Columbus City Council	Waive the 2nd Reading	Pass
6/28/2004	1	COUNCIL PRESIDENT	Signed
6/18/2004	1	Finance Drafter	Sent to Clerk's Office for Council
6/17/2004	1	Finance Drafter	Sent for Approval
6/17/2004	1	FINANCE DIRECTOR	Reviewed and Approved
6/17/2004	1	Finance Drafter	Sent for Approval
6/17/2004	1	Auditor Reviewer	Reviewed and Approved
6/17/2004	1	CITY AUDITOR	Reviewed and Approved
6/17/2004	1	Finance Drafter	Sent for Approval
6/17/2004	1	CITY ATTORNEY	Reviewed and Approved

Explanation

To authorize the issuance of limited tax bonds in an amount not to exceed $335,000 for the purpose of providing funds to currently refund certain outstanding general obligation bonds of the City. 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 limited tax bonds in an amount not to exceed $335,000 for the purpose of providing funds to currently refund certain outstanding general obligation bonds of the City. ($335,000)

Section 55(B) of the City Charter.


Body

WHEREAS, pursuant to Ordinance No. 0817-2004 passed on May 3, 2004 by the City Council (the "Council) of the City of Columbus, Ohio (the "Municipality"), limited tax general obligation bonds of the Municipality, designated "City of Columbus, Ohio Limited Tax General Obligation Refunding Bonds, Series 2004-A" in the aggregate principal amount of $3,125,000 (the "Outstanding Bonds") were issued and sold by the Municipality for the purpose of currently refunding bonds previously issued by the Municipality; and
WHEREAS, the Municipality can achieve a reduction in the debt service associated with the Outstanding Bonds by providing for the current refunding of the Outstanding Bonds stated to mature after May 1, 2007 (the "Refunded Bonds"); and
WHEREAS, this Council believes that it is in the best interests of the Municipality to currently refund the Outstanding Bonds using proceeds of the Bonds (as hereinafter defined), authorized pursuant to Section 133.34(A)(1), Ohio Revised Code, together with other moneys available for that purpose, if any;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1 . Bonds of the Municipality shall be issued in the principal sum not to exceed Three Hundred Thirty-Five Thousand Dollars ($335,000) (the "Bonds") for the purpose of providing a portion of the funds necessary to currently refund...