Explanation
This ordinance authorizes the issuance of unlimited tax bonds in the amount of $28,100,000 for the Division of Sewerage and Drainage - Sanitary. This bond sale will be conducted on a competitive basis and is a cooperative effort of the Department of Finance and Management and the City Auditor's Office.
Title
Authorizing the issuance of unlimited tax bonds in the amount of not to exceed $28,100,000 for the Division of Sewerage and Drainage - Sanitary ($28,100,000)
Section 55(B) of the City Charter.
Body
WHEREAS, at the elections held on May 7, 1991 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of Three Hundred Twenty Five Million Dollars ($325,000,000) and on November 2, 2004 on the proposition of issuing bonds for the purpose hereinafter stated in the sum of Ninety-Five Million Seven Hundred Eighty-Five Thousand ($95,785,000) and levying taxes outside the ten mill limitation to pay the principal and interest on such bonds, the majority of those voting on each proposition voted in favor thereof; and
WHEREAS, it is now deemed necessary to issue and sell up to $28,100,000 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 of acquiring real estate and interests in real estate, landscaping and making site improvements, expanding and improving existing waste water treatment facilities, constructing new wastewater treatment facilities, acquiring and improving instrumentation and control systems, sewer lines, pumping stations, lagoons and levies, constructing storm and sanitary sewer septations and acquiring related machinery, equipment 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-...
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