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File #: 0138X-2013    Version: 1
Type: Resolution Status: Passed
File created: 6/12/2013 In control: Finance Committee
On agenda: 7/1/2013 Final action: 7/1/2013
Title: To declare the necessity of bond issue, and to submit the question of such issue to the electors in the amount of $445,295,000 for water, storm and electricity ($445,295,000). Section 55(e) of the City Charter.
Attachments: 1. Attachment - Water and Storm and Electricity
Explanation
 
This legislation resolves that it is a necessity for the City to submit to the electors the question of issuing $445,295,000 in bonds for water, storm and electricity.  This election will be held on November 5, 2013.  This resolution authorizes the City to present this legislation to the Franklin County Auditor's Office so they may calculate millage amounts associated with the 2013 Voted Bond Package.
 
Title
 
To declare the necessity of bond issue, and to submit the question of such issue to the electors in the amount of $445,295,000 for water, storm and electricity ($445,295,000).  Section 55(e) of the City Charter.
 
Body
 
      BE IT RESOLVED by the City Council of the City of Columbus, Ohio, (the "City") that:
 
      Section 1.  It is hereby determined to be necessary for the purpose of acquiring, constructing, renovating, and improving infrastructure for the Department of Public Utilities, including the Division of Water, Division of Power, and Division of Sewerage & Drainage, acquiring real estate and interests in real estate, landscaping and otherwise improving the sites thereof, and acquiring furnishings, equipment and appurtenances, to issue and sell Four Hundred Forty-Five Million Two Hundred Ninety-Five Thousand Dollars ($445,295,000) of bonds (the "Bonds") of the City pursuant to Section 133.18, Ohio Revised Code. It is further determined to be necessary that there shall be annually levied on all the taxable property in the City a direct tax outside of the ten mill limitation to pay the debt charges on the Bonds and any securities issued in anticipation thereof.  The Bonds shall be dated approximately January 1, 2014; shall bear interest at the estimated rate of five and one-half per centum (5.50%) per annum; and shall be paid over a number of years not to exceed twenty-five (25).
 
      Section 2.  The question of issuing the Bonds shall be submitted to the electors of the City at the election to be held at the usual voting places within the City on November 5, 2013.
 
      Section 3.  It is hereby found and determined that all formal actions of this Council concerning and relating to the adoption of this Resolution were taken in an open meeting of this Council, and all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.
 
      Section 4.  The Clerk of this Council is hereby authorized and directed to certify a copy of this Resolution to the County Auditor of Franklin County, Ohio.
 
      Section 5.  In accordance with Section 55(e) of the Charter of the City of Columbus, Ohio, this Resolution shall take effect and be in force from and immediately after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.