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File #: 0126X-2022    Version: 1
Type: Resolution Status: Passed
File created: 6/16/2022 In control: Finance Committee
On agenda: 6/27/2022 Final action: 6/30/2022
Title: To declare the necessity of bond issue, and to submit the question of such issue to the electors in the amount of $250,000,000 for public service; and to declare an emergency ($250,000,000.00). Section 44-1(e) of the City Charter.
Attachments: 1. Certificate of Estimated Life and Maximum Maturity - Public Service
Explanation

This legislation resolves that is it a necessity for the City to submit to the electors the question of issuing $250,000,000 in bonds for public service. The election will be held on November 8, 2022. This resolution authorizes the City to present this legislation to the Franklin County Auditor's office so they may calculate millage amounts associated with the 2022 Voted Bond Package.

Title

To declare the necessity of bond issue, and to submit the question of such issue to the electors in the amount of $250,000,000 for public service; and to declare an emergency ($250,000,000.00).

Section 44-1(e) of the City Charter.

Body


WHEREAS, an emergency exists in the usual daily operations of the Department of Public Service in that it is immediately necessary to adopt this resolution so that the City of Columbus, Ohio, (the “City”) can meet the August 10, 2022 deadline for filing election proceedings with the Board of Elections, Franklin County, Ohio and so that the work on the proposed projects to be financed can commence as soon as possible, all for the immediate preservation of the public peace, property, health or safety;

NOW, THEREFORE, BE IT RESOLVED by the City Council (the “Council”) of the City, that:

Section 1. It is hereby determined to be necessary 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, to issue and sell Two Hundred Fifty Million Dollars ($250,000,000) of bonds (the “Bonds”) of the City pursuant to Ohio Revised Code Section 133.18. It is further determined to be necessary that there shall be annually levied on all the taxable property in the entire territory of the City (commencing in 2022, first due in calendar year 2023) a direct ...

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