Explanation
This ordinance authorizes the issuance and sale of a special assessment bond in the amount of $266,813.00 for the Maize/Morse Area Street Lighting Project. The bond will be placed by The Huntington Investment Company. The bond proceeds will allow for the retirement of a previously issued special assessment note which is maturing on December 8, 2007.
Title
To authorize the issuance and sale of special assessment bonds in the amount of $266,813 for the Maize Morse Area Street Lighting Assessment Project. ($266,813)
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance No. 0006-2006 adopted January 23, 2006, this Council determined to proceed with the street lighting projects described below in accordance with Resolution No. 0019X-2005 adopted by this Council on February 28, 2005; and
WHEREAS, pursuant to Ordinance No. 0991-2006 adopted on June 5, 2006, notes in the aggregate principal amount of $411,000 (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 twenty (20) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $266,813 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 Two Hundred Sixty-Six Thousand Eight Hundred Thirteen Dollars ($266,813) (the "Bonds") in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of the insta...
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