Explanation
This legislation resolves that it is a necessary for the City to proceed to submit to the voters the question of issuing $32,205,000 in general obligation bonds for Refuse Collection. The election will be held on November 4, 2008.
Title
Resolution determining to proceed with the issue of bonds and certifying same to the board of elections in the amount of $32,205,000 for refuse collection ($32,205,000)
Section 55(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 July 7, 2008, determined that it is necessary to issue bonds in the amount of $32,205,000 (the "Bonds") for the purpose of acquiring, constructing and improving facilities for the Division of Refuse Collection, including but not limited to sanitation trucks, containers and related equipment, landscaping and making site improvements on real estate owned by the City for such purposes, and refunding bonds previously issued for such purpose, 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,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Columbus, Ohio, (the "City") that:
Section 1. It is necessary to proceed with the issuance of the Bonds in the amount and for the purpose described in the preamble to this Resolution, and to levy, outside of the ten mill limitation provided by law, an annual tax on all the taxable property in the City to pay debt charges on the Bonds and any securities issued in anticipation thereof.
Section 2. The Bonds shall be dated approximately January 1, 2009; shall bear interest at the estimated rate of five and one-half per centum (5.50%) per annum; and shall be paid over a number of years not to exceed five (5).
Section 3. The question of issuing the...
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