Label
NTRBondsTCIC
Finance
Melanie Campbell 1252/ Jamie Takacs 1468
Revised
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $18,700,000 for the purpose of paying costs of a "project" as defined in Section 165.01 of the Revised Code for the purpose of creating or preserving jobs and employment opportunities and improving the economic welfare of the City and its residents and the State of Ohio; providing for the pledge for that purpose of certain nontax revenues; establishing an account or fund of the City; approving related documents; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is an ordinance authorizing the issuance of economic development nontax revenue bonds that the City plans to issue in May 2026.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $18,700,000 to provide approved debt funding for a loan by the City to the Toledo Community Improvement Corporation pursuant to a Loan Agreement, thereby enabling TCIC to acquire, assemble, prepare, hold, market and dispose of sites in the City to companies or developers of (i) commercial and industrial (job-creating) developments and (ii) housing facilities. With the issuance of the bonds authorized by this Ordinance, the City's outstanding nontax revenue debt will be increased by not more than $18,700,000. The bonds will be exempt from the City's statutory and Constitutional debt limitations.
The City is authorized by virtue of the laws of the State of Ohio, including, without limitation, Article VIII, Section 13 of the Ohio Constitution and Chapter 165 of the Revised Code (collectively, the Act), among other things, to (i) issue bonds to acquire, construct, reconstruct, improve, furnish or equip a "project" as defined in Section 165.01 of the Revised Code for the purpose of creating or preserving jobs and employment opportunities and improving the economic welfare of the City and its residents and of the St...
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