Explanation
This ordinance authorizes the issuance and sale of special assessment bonds in the amount of $373,103 for the McDannald Estates Area Sewer Assessment Project. The bond will be placed by Huntington Capital Corp. The bond proceeds will allow for the retirement of a previously issued special assessment note, which is maturing on January 27, 2006.
Title
Authorizing the issuance and sale of special assessment bonds in the amount of $373,103 for the McDannald Estates Area Sewer Assessment Project. ($373,103)
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 0526-2004 adopted March 29, 2004, this Council determined to proceed with the sanitary sewer project described below in accordance with Resolution 103X-2003 adopted by this Council on May 12, 2003; and
WHEREAS, pursuant to Ordinance 1865-2004 adopted October 25, 2004, notes in the principal amount of $1,235,000 (the "Outstanding Notes") were issued in anticipation of the issuance of bonds in anticipation of the levy and collection of special assessments for the purpose hereinafter stated; 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 twenty (20) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $373,103 to provide for the payment of a portion of the principal of and interest on the Outstanding Notes;
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 Three Hundred Seventy-Three Thousand One Hundred Three Dollars ($373,103) (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 sewe...
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