Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of not to exceed $12,555,000.00 for storm sewer improvement 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 unlimited tax bonds in the amount of not to exceed $12,555,000 for storm sewer improvements ($12,555,000) Section 55(B) of the City Charter.
Body
WHEREAS, at the election held on November 2, 2004 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of One Hundred Four Million One Hundred Fifty Thousand Dollars ($104,150,000) and levying taxes outside the ten mill limitation to pay the principal and interest on such bonds, the majority of those voting on the proposition voted in favor thereof; and
WHEREAS, it is now deemed necessary to issue and sell up to $12,555,000 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 enlarging, extending, renovating and improving the municipal storm sewerage system for the collection, retention, control and disposal of storm sewerage and surface waters and prevention and control of soil erosion by the acquisition of real estate and other interests in real estate, landscaping and making site improvements, construction and installation of storm sewers, renovation and improvement of manholes and storm sewerage ditches and acquisition and installation of related facilities and appurtenances; 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 twenty-five (25) years.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. Bo...
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