Explanation
This legislation resolves that it is a necessity for the City to submit to the electors the question of issuing $100,000,000 in bonds for recreation and parks. The election will be held on May 7, 2019. 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 2019 Voted Bond Package.
Title
To declare the necessity of bond issue, and to submit the question of such issue to the electors in the amount of $100,000,000.00 for recreation and parks. ($100,000,000.00)
Section 44-1(e) of the City Charter.
Body
BE IT RESOLVED by the City Council (the “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 Recreation and Parks, including municipal parks, playgrounds and recreation facilities, 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 One Hundred Million Dollars ($100,000,000) of bonds (the “Bonds”) of the City pursuant to Ohio Revised Code Section 133.18. It is further determined to be necessary that there shall be annually levied on all the taxable property in the entire territory of the City (commencing in 2019, first due in calendar year 2020) 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 June 1, 2019; shall bear interest at the estimated rate of 5.50% per annum; and shall be paid over a number of years not to exceed 17.
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 May 7, 2019. All of the territo...
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