Explanation
This legislation resolves that it is a necessity for the City to submit to the electors the question of issuing $50,000,000 in bonds for neighborhood development. 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 $50,000,000.00 for neighborhood development. ($50,000,000.00)
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 promoting neighborhood and community development and affordable housing within the City of Columbus by purchasing, constructing, demolishing, renovating, improving, equipping and furnishing residential and commercial structures in the City, and acquiring, clearing, testing, remediating environmental issues, extending utilities, and otherwise improving residential and commercial sites in the City, and providing funds for grants in connection with the same, to issue and sell Fifty Million Dollars ($50,000,000) 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 20.
Section 2. The question of issuing the Bonds shall be submitted to the elector...
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