Explanation
This ordinance authorizes the issuance and sale of special assessment bonds in the amount of not to exceed $286,000 for the Lockbourne Road Sewer Assessment Project. ($286,000). These bonds will be privately place with The Huntington Investment Company.
Title
To authorize issuance and sale of special assessment bonds in the amount of not to exceed $286,000.00 for the Lockbourne Road Sewer Assessment Project ($286,000.00). Section 55(b) of the City Charter.
Body
WHEREAS, pursuant to Ordinance 0027-2009 adopted February 9, 2009, this Council determined to proceed with the sanitary sewer project described below in accordance with Resolution 0039X-2008 adopted by this Council on March 3, 2008; and
WHEREAS, pursuant to Ordinance 1687-2011 adopted October 24, 2011, notes in the principal amount of $286,000 (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, which Outstanding Notes mature on November 16, 2012; 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 not to exceed $286,000 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 Eighty-Six Thousand Dollars ($286,000) (the "Bonds"), or such lesser amount as shall be determined by the Director of Finance and Management or City Auditor and certified to this Council, in anticipation of the levy and collection of special assessments for the purpose of pr...
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