Explanation
BACKGROUND:
This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $19,165,000.00 to refund outstanding bond anticipation notes issued for the purpose of financing the costs of purchasing, constructing and implementing the Zero Trust Network. The original note was issued in 2025 in the amount of $23,000,000.00. Proceeds from the 2026 note sale will be used to provide for the payment of a portion of the 2025 notes that will mature on November 10, 2026.
FISCAL IMPACT: A note in an amount not to exceed $19,165,000.00 will be issued. This ordinance also authorizes the expenditure of $25,000.00 to provide for the cost of advertising, printing and legal services and other costs incidental thereto, as well as $23,000,000.00 in principal and $869,400.00 in interest due on the 2025 note.
EMERGENCY DESIGNATION: This legislation is considered an emergency in order to provide for the timely issuance of debt and allow for financing of the project.
Title
To authorize the issuance of limited tax bond anticipation notes in an amount not to exceed $19,165,000.00 for the purpose of refunding outstanding bond anticipation notes; to authorize the appropriation of $19,165.000.00 in the Info Services Debt Retirement Fund; to authorize the expenditure of $23,894,400.00 from the Info Services Operating Fund and the Info Services Debt Retirement Fund; and to declare an emergency. ($23,894,400.00)
Body
WHEREAS, City Council (the “Council”) of the City of Columbus, Ohio (the “City”) has previously authorized an agreement with CDW Government, LLC for the purchase of IT hardware and software known as the Zero Trust Network Project (the “Project”); and
WHEREAS, Council has issued notes dated November 10, 2025, in anticipation of the issuance of bonds described herein, in the aggregate principal amount of $23,000,000, which notes will mature on November 10, 2026 (the “Outstanding Notes”); and
WHEREAS, it appears advisab...
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