Explanation
This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $1,000,000.00 for housing projects. The bond sale will be conducted on a negotiated basis with Stifel, Nicolaus & Company, Inc., as senior manager, and J.P. Morgan Securities, co-senior manager.
Title
To authorize the issuance of limited tax bonds in the amount of not to exceed $1,000,000 for housing projects ($1,000,000).Section 55(B) of the City Charter.
Body
WHEREAS, it is now deemed necessary to issue and sell up to $1,000,000 of bonds under authority of the general laws of the State of Ohio, and in particular Section 133.23 of the Ohio Revised Code, for the purpose facilitating housing preservation, promoting housing renovation and encouraging the improvement of housing stock within the City of Columbus, including providing funds for (i) providing assistance for the renovation and improvement of homes owned or to be owned by low and moderate-income households to correct substandard and deteriorating conditions; (ii) providing assistance for the purchase and rehabilitation of vacant homes or construction of new homes; (iii) repairing and rehabilitating existing homeless shelters in the City and (iv) demolishing vacant and abandoned housing structures to prepare sites for residential purposes; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvement stated above which is to be financed from the proceeds of said bonds exceeds five (5) years and the maximum maturity of said bonds is ten (10) years.
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 one or more series, in the principal sum of One Million Dollars ($1,000,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Council, for the purpose set fo...
Click here for full text