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 $550,000,000.00 for water, power, sanitary sewers and storm sewers ($550,000,000.00). 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 $550,000,000.00 for water, power, sanitary sewers and storm sewers; and to declare an emergency ($550,000,000.00).
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 $550,000,000 (the “Bonds”) for the purpose of acquiring, constructing, renovating, and improving infrastructure for the Department of Public Utilities, including water, power, sanitary sewers and storm sewers, 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 eighty-five hundredths (1.85) mills for each one dollar of valuation, which is 18.5 cents ($0.185) 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 25 years (the maximum maturity of the Bonds); and
WHEREAS, an emergency exists in the usual daily operations of the Department of Public Utilities in that it is immediately necessary to adopt this resolution so that the City ...
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