City of Columbus - File #: 2074-2006

• File #: 2074-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/9/2006
• In control: Finance & Economic Development Committee
• On agenda: 11/20/2006
• Final action: 11/22/2006
• Title: To authorize the issuance of limited tax bonds in the amount of not to exceed $4,220,000 for Lincoln Theater improvements ($4,220,000) Section 55(B) of the City Charter.

Date	Ver.	Action By	Action	Result
11/22/2006	1	CITY CLERK	Attest
11/21/2006	1	MAYOR	Signed
11/20/2006	1	Columbus City Council	Waive the 2nd Reading	Pass
11/20/2006	1	Columbus City Council	Approved	Pass
11/20/2006	1	COUNCIL PRESIDENT	Signed
11/10/2006	1	Finance Drafter	Sent for Approval
11/10/2006	1	Auditor Reviewer	Reviewed and Approved
11/10/2006	1	CITY AUDITOR	Reviewed and Approved
11/10/2006	1	Finance Drafter	Sent for Approval
11/10/2006	1	CITY ATTORNEY	Reviewed and Approved
11/10/2006	1	Finance Drafter	Sent to Clerk's Office for Council
11/9/2006	1	Finance Drafter	Sent for Approval
11/9/2006	1	FINANCE DIRECTOR	Reviewed and Approved

Explanation

This ordinance authorizes the issuance of limited tax bonds in the amount of not to exceed $4,220,000 for Lincoln Theater improvements. 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

To authorize the issuance of limited tax bonds in the amount of not to exceed $4,220,000 for Lincoln Theater improvements ($4,220,000)

Section 55(B) of the City Charter.

Body

WHEREAS, it is now deemed necessary to issue and sell up to $4,220,000 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 renovating and otherwise improving the Lincoln Theater, including exterior maintenance and improvements and related appurtenances thereto; 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 (20) 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 the principal sum of Four Million Two Hundred Twenty Thousand Dollars ($4,220,000) (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 forth above and for paying the cost of advertising, printing and legal services and other costs incidental thereto. The Bonds shall be issued in one lot.

Section 2. There shall be and is hereby levied annually on all the taxable property in the Municipality, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt Service Levy") for each year during which any of the Bonds are outstanding, for the purpose of providing, an...