Explanation
This legislation resolves that it is necessary for the City to proceed to submit to the voters the question of issuing $70,000,000 in bonds for safety and health. The election will be held November 8, 2016.
Title
To determine to proceed with the issue of bonds and certifying same to the board of elections in the amount of $70,000,000.00 for safety and health. ($70,000,000.00)
Section 44-1(e) of the City Charter.
Body
WHEREAS, the City Council (the “Council”) of the City of Columbus, Ohio, (the “City”) at its regular meeting on June 20, 2016, determined that it is necessary to issue bonds in the amount of $70,000,000 (the “Bonds”) for the purpose of acquiring, constructing, renovating, and improving infrastructure for the Department of Public Safety and the Department of Health, 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 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, 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 3. The question of issuing the Bonds shall be submitted to the electors of the City at the election to be held at t...
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