Explanation
This ordinance authorizes the transfer of not to exceed $55,000,000 from the City of Columbus Sewer Revenue System Reserve Fund (Fund 6102) for the purpose of defeasing a portion of the City’s outstanding Sewerage System Revenue Refunding Bonds, Series 2014, originally issued in the aggregate principal amount of $205,425,000.
Title
To authorize the transfer of not to exceed $55,000,000.00 from the City of Columbus Sewer Revenue System Reserve Fund (Fund 6102) for the purpose of defeasing a portion of the City’s outstanding Sewerage System Revenue Refunding Bonds, Series 2014, originally issued in the aggregate principal amount of $205,425,000.00.
Section 44-1(b) of the City Charter.
Body
WHEREAS, the City of Columbus, Ohio (the “City”) owns and operates as a public utility a municipal sewerage system (the Utility”), the services of which are, and are to be, supplied to persons and corporations within and without the corporate limits of the City; and
WHEREAS, pursuant to Ordinance No. 2235-2014, duly adopted by the City Council (the “Council”) of the City on October 6, 2014 and a Master Trust Agreement, dated as of January 1, 2008 (the “Master Trust Agreement”), as supplemented by a First Supplemental Trust Agreement, dated as of January 1, 2008 (the “First Supplemental Trust Agreement”), a Second Supplemental Trust Agreement, dated as of January 1, 2008 (the “Second Supplemental Trust Agreement”), and a Third Supplemental Trust Agreement, dated as of December 1, 2014, (the “Third Supplemental Trust Agreement and, together with the Master Trust Agreement, First Supplemental Trust Agreement, and Second Supplemental Trust Agreement, the “Trust Agreement”) each by and between the City and the Bank of New York Trust Company, N.A., as Trustee (the “Trustee”), the City issued and sold its Sewerage System Revenue Refunding Bonds, dated December 1, 2014, in the aggregate principal amount of $205,425,000 (the “Series 2014 Bonds”), which amount rema...
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