Explanation
This ordinance authorizes the issuance of limited tax notes in an amount not to exceed $2,500,000, to refund outstanding bond anticipation notes issued for the purpose of financing the costs of the transportation projects associated with the original construction of the Fourth & Elm Streets and the Front & Rich Streets Parking Garages. The original note was issued in 2009 in the amount of $29,500,000 and since then has been paid down annually. Proceeds from the 2019 note sale will be used to provide for the payment of a portion of the 2018 notes that will mature on June 28, 2019 ($2,500,000).
Title
To authorize the issuance of limited tax notes in an amount not to exceed $2,500,000.00, to refund outstanding bond anticipation notes issued for the purpose of financing the costs of the transportation projects ($2,500,000.00).
Section 44-1(b) of the City Charter.
Body
WHEREAS, pursuant to Ordinance No. 1171-2018, duly adopted by the City Council (the “Council”) of the City of Columbus, Ohio (the “Municipality” or the “City”) on May 14, 2018, notes in the principal amount of $6,000,000 (the “Outstanding Notes”), dated June 28, 2018, were issued in anticipation of the issuance of bonds for the purposes of: widening, opening, extending, constructing, paving, repaving, improving and changing the line of expressways, freeways, roads, highways, bikeways, streets, alleys, bridges, viaducts, overpasses, underpasses, grade crossing eliminations, service and access roads, and sidewalks, including development of off-street parking facilities, the acquisition and installation of parking meters, traffic control systems, equipment and signs and related appurtenances thereto, the acquisition of real estate and interests in real estate and related equipment, and landscaping and making site improvements; and such notes mature on June 28, 2019; and
WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issu...
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