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File #: 2099-2018    Version: 1
Type: Ordinance Status: Passed
File created: 7/12/2018 In control: Finance Committee
On agenda: 7/23/2018 Final action: 7/25/2018
Title: To authorize the issuance and sale of special assessment bonds in the amount of $32,709.00 for the Broad Meadows - Highfield Drive Area Street Light Assessment Project ($32,709.00). Section 44-1(b) of the City Charter.
Attachments: 1. 2099-2018 attachment
Explanation

This ordinance authorizes the issuance and sale of special assessment bonds in the amount of $32,709 for the Broad Meadows - Highland Drive Area Street Light Assessment Project. This bond will be sold to the City’s Treasury Investment Board. The Treasury Investment Board is scheduled to authorize this purchase at their July board meeting. The bond proceeds along with assessment payment collections from a portion of the property owners will be used to redeem a previously issued note that was sold for this project. The $62,000 note currently held by the City’s Treasury Investment Board will be redeemed on August 7, 2018.
Title

To authorize the issuance and sale of special assessment bonds in the amount of $32,709.00 for the Broad Meadows - Highfield Drive Area Street Light Assessment Project ($32,709.00).

Section 44-1(b) of the City Charter.

Body

WHEREAS, pursuant to Ordinance No. 3224-2016 duly 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, pursuant to Ordinance No. 0723-2018 duly adopted on April 16, 2018, notes in the aggregate principal amount of $62,000 (the “Outstanding Notes”) were issued in anticipation of the issuance of bonds in anticipation of the levy and collection of special assessments for the purpose hereinafter stated; 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 notes hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years; and
WHEREAS, it is deemed necessary to issue bonds in the amount of $32,709 to provide for the payment of a portion of the principal of and interest on the Outstanding Notes;
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:

Section 1. It is hereby declared necess...

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