Explanation
This legislation resolves that it is a necessity for the City to submit to the electors the question of issuing $310,000,000.00 in bonds for streets and highways and refuse collection. The election will be held on November 8, 2016. 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 2016 Voted Bond Package.
Title
Resolution declaring necessity of bond issue, and to submit the question of such issue to the electors in the amount of $310,000,000.00 for streets and highways and refuse collection ($310,000,000.00)
Section 44-1(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 Service, including streets and highways and refuse collection, 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 Three Hundred Ten Million Dollars ($310,000,000) 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, 2017; 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 sixteen (16).
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 8, 2016.
Section 3. It is...
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