header-left
Share to Facebook Share to Twitter Bookmark and Share
File #: 0022X-2019    Version: 1
Type: Resolution Status: Passed
File created: 1/16/2019 In control: Finance Committee
On agenda: 2/4/2019 Final action: 2/5/2019
Title: To determine to proceed with the issue of bonds and certifying same to the board of elections in the amount of $425,000,000.00 for public service. ($425,000,000.00) Section 44-1(e) of the City Charter.
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 $425,000,000 for public service ($425,000,000). 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 $425,000,000.00 for public service. ($425,000,000.00)

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 $425,000,000 (the “Bonds”) for the purpose of acquiring, constructing, renovating, and improving infrastructure for the Department of Public Service, including streets and highways and refuse collection, 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 two and thirty-three hundredths (2.33) mills for each one dollar of valuation, which is 23.3 cents ($0.233) 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 16 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 resolution, and to levy, outsi...

Click here for full text