Explanation
This legislation resolves that it is necessary to proceed with the issue of bonds and certifying same to the board of elections in the amount of $100,000,000 for recreation and parks ($100,000,000). The election will be held on May 7, 2019.
Section 44-1(e) of the City Charter.
Title
To determine to proceed with the issue of bonds and certifying same to the board of elections 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
WHEREAS, the City Council (the “Council”) of the City of Columbus, Ohio, (the “City”) at its regular meeting on January 28, 2019, determined that it is necessary to issue bonds in the amount of $100,000,000 (the “Bonds”) 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, and that it is necessary that a direct tax be annually levied on all the taxable property in the City outside of the ten-mill limitation to meet the debt charges on the Bonds and any securities issued in anticipation thereof; and
WHEREAS, the County Auditor of Franklin County, Ohio has certified to the Council that an estimated annual levy of zero and fifty-three hundredths (0.53) mills for each one dollar of valuation, which is 5.3 cents ($0.053) for each one hundred dollars of tax valuation, will be required to produce the average annual property tax levy necessary to pay the principal of and interest on the Bonds over 17 years (the maximum maturity of the Bonds);
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBUS, that:
Section 1. It is necessary to proceed with the issuance of the Bonds in the amount and for the purpose described in the preamble to this r...
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