Label
GOBondsVehicles/Equip
Finance
Melanie Campbell 1(x1252)/Jamie Takacs (x1468)
Revised
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $1,000,000 for the purpose of paying costs of acquiring motor vehicles and equipment for use in carrying out functions of, including but not limited to, the Department of Transportation, the Department of Public Services and the Department of Parks and Youth Services; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bonds the City plans to issue in November 2023.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $1,000,000 to provide approved debt funding for acquiring motor vehicles and equipment for use in carrying out functions of, including but not limited to, the Department of Transportation, the Department of Public Services and the Department of Parks and Youth Services. With the issuance of the bonds authorized by this Ordinance, the City's outstanding debt will be increased by not more than $1,000,000. The bonds will be subject to statutory direct debt limits and the statutory and constitutional indirect debt limitation and reduce the City's legal borrowing capacity.
The Director of Finance, as fiscal officer of the City, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 2 is at least five years the estimated maximum maturity of the Bonds described in Section 2 is five years.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this Ordinance, unless the context or use clearly indicates another or different meaning or intent:
"Authorized Denominations" means the denomination of $5,000 or any whole multiple thereof.
"Bond proceedings" mea...
Click here for full text