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 $300,000,000.00 for health, safety and infrastructure. The election will be held on November 8, 2022.
Title
To determine to proceed with the issue of bonds and certifying same to the board of elections in the amount of $300,000,000.00 for health, safety and infrastructure; and to declare an emergency ($300,000,000.00).
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 June 27, 2022, determined that it is necessary to issue bonds in the amount of $300,000,000 (the “Bonds”) for the purpose of acquiring, constructing, renovating, and improving municipal facilities and other infrastructure, including health and safety facilities and improvements, 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 one and nine hundredths (1.09) mills for each one dollar of valuation, which is 10.9 cents ($0.109) 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 22 years (the maximum maturity of the Bonds); and
WHEREAS, an emergency exists in the usual daily operations of the Departments of Public Safety, Health, and Finance and Management in that it is immediately necessary to authorize the issuance of bonds for the immediate preservation of...
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