Explanation
This ordianance authorizes the issuance and sale of a special assessment bond anticipation note in the amount of $62,000 for the Broad Meadows - Highfield Drive Area Street Light Assessment Project ($62,000). This note shall be sold to the City's Treasury and Investment Board.
Section 44-1(b) of the City Charter.
Title
To authorize the issuance and sale of a special assessment bond anticipation note in the amount of $62,000.00 for the Broad Meadows - Highfield Drive Area Street Light Assessment Project ($62,000.00).
Section 44-1(b) of the City Charter.
Body
WHEREAS, pursuant to Ordinance No. 3224-2016 adopted January 9, 2017, this Council determined to proceed with the street lighting project described below in accordance with Resolution No. 0157X-2016 adopted by this Council on July 11, 2016; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvements to be constructed from the proceeds of the bonds and the note hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years and the maximum maturity of the note being ten (10) years; and
WHEREAS, it is deemed necessary to issue a note in anticipation of the issuance of bonds, in the amount of $62,000, to provide for the payment of a portion of the costs of the street lighting project described below; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. It is hereby declared necessary to issue bonds of the City of Columbus, Ohio, (the “City”) in the principal sum of $62,000 (the “Bonds”) in anticipation of the levy and collection of special assessments for the purpose of providing funds to pay the costs of installing a light-emitting diode (LED) street lighting system with ornamental poles and underground wiring for the Broad Meadows - Highfield Drive area, including: Highfield Drive, Milton Avenue from Highfield Drive to and including parcel numbers 010-110713 and 010-110714, by i...
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