Explanation
This ordinance 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 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, this Council has issued notes dated May 1, 2017, in the amount of $62,000 (the "Outstanding Notes") in anticipation of the issuance of the bonds herein described to provide for the payment of a portion of the costs of the street lighting project described below, which Outstanding Notes will mature on May 1, 2018; and
WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of all or a portion of said bonds and to retire the Outstanding Notes; 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 years, the maximum maturity of bonds being 10 years and the maximum maturity of the note being nine years;
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 ...
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