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 $50,000,000 for neighborhood development ($50,000,000). The election will be held 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 $50,000,000.00 for neighborhood development. ($50,000,000.00)
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 $50,000,000 (the “Bonds”) 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, 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 twenty-four hundredths (0.24) mills for each one dollar of valuation, which is 2.4 cents ($0.024) 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 20 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 ...
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