Label
GONotesStmWater
Finance
Melanie Campbell (x1252)/Bryan Benner (x1194)/Jamie Takacs (x1468)
Revised
Title
Providing for the issuance and sale of notes in an aggregate principal amount not to exceed $700,000, in anticipation of the issuance of bonds, to provide funds to pay costs of improving the City's storm water drainage system by constructing a storm water sewer main from an existing main at a point in Central Avenue just west of its intersection with Upton Avenue southwesterly in City streets and easements acquired and to be acquired approximately 1,400 feet to connect to an existing main in ProMedica Parkway; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is one of two of ordinances that authorize the issuance of general obligation bond anticipation notes the City plans to sell in Fall 2021.
This ordinance authorizes the sale of up to $700,000 of general obligation bond anticipation notes to provide funds to be used to retire an outstanding bond anticipation note issued in July 2021 to provide approved debt funding for the Storm Water Drainage System Improvement Project that is stated to mature on December 31, 2021 and is being held as a treasury investment of the City. With the issuance of the notes authorized by this ordinance and the retirement of the outstanding note, the City's outstanding debt will neither increase nor decrease the City's legal borrowing capacity. The notes will be subject to statutory direct debt limitations and the statutory and constitutional indirect debt limitation.
Pursuant to Ordinance No. 328-21 passed by this Council on July 13, 2021, a note in anticipation of bonds in the amount of $700,000, dated as of July 15, 2021 (the Outstanding Note), was issued for the purpose described in Section 1, which Outstanding Note is to mature on December 31, 2021.
This Council finds and determines that the City should retire the Outstanding Note with the proceeds of the Notes described in Section 1 and other funds a...
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