Columbus council authorizes broad bond sales, highlights AAA rating and $1.9 billion voter request

Columbus City Council on Sept. 16 approved a series of ordinances authorizing the city to issue both unlimited and limited tax bonds for capital projects, and approved refunding authority for previously issued general obligation debt.

Council member Banks, chairing the Finance and Governance Committee, told colleagues the nine bond ordinances before the council seek authority to issue about $350 million in municipal bonds as part of the city’s capital plans. Banks said the city continues to hold a triple‑A bond rating and that the 25% income‑tax set‑aside makes large infrastructure borrowing possible without raising taxes.

The ordinances authorize bond proceeds for specific project categories, including: - Health, safety and infrastructure projects (ordinance 24-21) — up to $55,460,000. - Recreation and parks projects (24-22) — up to $51,535,000. - Public service projects (24-23) — up to $72,225,000. - Neighborhood development projects (24-24) — up to $37,120,000. - Public utility projects (24-25) — up to $50,515,000. - Economic and community development (limited tax) (24-26) — up to $57,000,310. - Construction management (limited tax) (24-27) — up to $12,570,000. - Fleet management (limited tax) (24-28) — up to $1,000,000. - Information services (limited tax) (24-29) — up to $12,265,000.

Banks told the council the administration will ask voters in November to authorize five ballot measures (Issues 5–9) covering about $1.9 billion in borrowing authority. “By voting yes, you’re giving us the authority to borrow that money without raising taxes,” Banks said during committee remarks.

The council also approved ordinances to refund prior bond issues (24-30 unlimited refunding authority up to $317,215,000; 24-31 limited refunding authority up to $71,480,000) and passed a set of related financing measures tied to a Starling Street parking garage project (24-58) that reallocate TIF and mobility funds and authorize bond anticipation notes.

All ordinances were adopted in roll‑call votes with emergency clauses where the administration requested them. Council members did not raise substantive objections during the public roll calls recorded on the meeting minutes.

Why it matters: The bond authorizations fund capital work the city says is necessary to maintain water and sewer systems, parks, neighborhood improvements and other infrastructure. The package also positions the city to refinance earlier debt to take advantage of market conditions and to move forward with projects the administration says are time‑sensitive.

Votes at a glance (selected ordinances adopted Sept. 16): - 24-21 (unlimited tax bonds, health/safety/infrastructure): adopted. - 24-22 (unlimited tax bonds, recreation/parks): adopted. - 24-23 (unlimited tax bonds, public service): adopted. - 24-24 (unlimited tax bonds, neighborhood development): adopted. - 24-25 (unlimited tax bonds, public utilities): adopted. - 24-26 through 24-29 (limited tax bond series for various purposes): adopted. - 24-30 and 24-31 (refunding authority for unlimited & limited general obligation bonds): adopted. - 24-58 (bond anticipation notes and related transfers for Starling Street parking garage): adopted.

Council next steps: The administration and finance staff said they are engaging with credit rating agencies and preparing materials for the November ballot. No new tax rate change was proposed; the administration described the measures as authority to borrow that would be paid from existing revenue set‑asides.

Provenance: Council finance committee discussion and roll calls appear repeatedly in the meeting record; the initial committee presentation begins around the finance committee segment and the first bond ordinance remarks appear when Council member Banks introduced 24-21.