Explanation
This ordinance authorizes the issuance of special obligation bonds in an amount not to exceed $175,000,000 for the purpose of providing funds to refund certain outstanding special obligation bonds of the City.
Title
To authorize the issuance of special obligation bonds in an amount not to exceed $175,000,000 for the purpose of providing funds to refund certain outstanding special obligation bonds of the City; and to repeal Ordinance No. 0359-2015. ($175,000,000) (Section 55(b) of the City Charter)
Body
WHEREAS, the City of Columbus, Ohio (the “City” or the “Issuer”) owns and operates as a public utility a municipal sewerage system (the “Utility”), the services of which are, and are to be, supplied to persons and corporations within and without the corporate limits of the City; and
WHEREAS, pursuant to Ordinance No. 2092-2007 passed by City Council (the “Council” or the “Legislative Authority”) of the City on December 10, 2007 and a Master Trust Agreement, dated as of January 1, 2008 (the “Master Trust Agreement”), as supplemented by a First Supplemental Trust Agreement, dated as of January 1, 2008 (the “First Supplemental Trust Agreement”), and a Second Supplemental Trust Agreement, dated as of January 1, 2008 (the “Second Supplemental Trust Agreement”), each by and between the City and the Bank of New York Trust Company, N.A., as Trustee (the “Trustee”), the City issued and sold its $390,000,000 Sewerage System Fixed Rate Revenue Bonds, Series 2008A, dated January 30, 2008 (the “Series 2008 Bonds”), in order to provide funds to expand and improve the Utility and to refund bonds previously issued for such purpose; and
WHEREAS, on December 1, 2014, and pursuant to Ordinance No. 2235-2014, the City issued its Sewerage System Revenue Refunding Bonds, Series 2014, in the principal amount of $205,425,000 (the “Series 2014 Refunding Bonds”), to advance refund a portion of the Series 2008 Bonds, which Series 2014 Bonds are secured by a Third Suppl...
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