Explanation
This ordinance authorizes the issuance and sale of a special assessment bond in the amount of $49,992.00 for the Case Road Street Lighting Project. The bond will be sold to the Trustees of the Sinking Fund. The bond proceeds will allow for the retirement of a previously issued special assessment note which is maturing on July 16, 2009.
Title
Authorizing the issuance and sale of special assessment bonds in the approximate amount of $49,992 for the Case Road Street Light Assessment Project. ($49,992). Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 0449-2008 adopted March 31, 2008, this Council determined to proceed with the street lighting project described below in accordance with Resolution 0192X-2007 adopted by this Council on December 10, 2007; and
WHEREAS, pursuant to Ordinance 1146-2008 adopted July 14, 2008 notes in the principal amount of $69,000 (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 ten (10) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $49,992 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 Forty Thousand Nine Hundred Ninety-Two Dollars ($49,992) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management and certified to this Board, in anticipation of the levy and collection of special assessments. The Bonds...
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