Explanation
This legislation resolves that it is necessary for the City to proceed to submit to the voters the question of issuing $445,295,000 in bonds for water, storm, and electricity. The election will be held on November 5, 2013.
Title
Resolution determining to proceed with the issue of bonds and certifying same to the board of elections in the amount of $445,295,000 for water, storm and electricity. Section 55(e) of the City Charter. ($445,295,000)
Body
WHEREAS, the City Council (the “Council”) of the City of Columbus, Ohio, (the “City”) at its regular meeting on July 1, 2013, determined that it is necessary to issue bonds in the amount of $445,295,000 (the “Bonds”) 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, and that it is necessary that a direct tax be annually levied on all the taxable property in the City outside of the ten mill limitation to meet the debt charges on the Bonds and any securities issued in anticipation thereof,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Columbus, Ohio, (the “City”) that:
Section 1. It is necessary to proceed with the issuance of the Bonds in the amount and for the purpose described in the preamble to this Resolution, and to levy, outside of the ten mill limitation provided by law, an annual tax on all the taxable property in the City to pay debt charges on the Bonds and any securities issued in anticipation thereof.
Section 2. 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 3. 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 4. The form of the ballot to be used at said Election shall be substantially as follows:
AFFIRMATIVE VOTE IS NECESSARY FOR PASSAGE
Shall bonds be issued by the City of Columbus, Ohio 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, in the principal amount of $445,295,000 to be repaid annually over a maximum period of twenty-five (25) years, and an annual levy of property taxes be made outside of the ten mill limitation estimated by the County Auditor to average over the repayment period of the bond issue two and one tenths (2.10) mills for each one dollar of tax valuation, which amounts to twenty-one ($0.21) cents for each one hundred dollars of tax valuation, commencing in 2013, first due in calendar year 2014, to pay the annual debt charges on the bonds, and to pay debt charges on any notes issued in anticipation of those bonds.
__________ FOR THE BOND ISSUE
__________ AGAINST THE BOND ISSUE
Section 5. 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 6. The Clerk of this Council is hereby authorized and directed to certify a copy of Resolution No. 0138X-2013 passed July 1, 2013, the Certificate of Estimated Average Annual Property Tax Levy, and this Resolution to Proceed to the Board of Elections, Franklin County, Ohio on or before August 7, 2013.
Section 7. 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.