Label
GOBondsBikePath
Finance
Melanie Campbell (x1252) Bryan Benner (x1194) Jamie Takacs (x1468)
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $1,750,000 for the purpose of paying costs of improving the City's recreational facilities by constructing a multi-use path along the Anthony Wayne Trail between South Avenue and Glendale Avenue including paving and installing median islands, pedestrian ramps, lighting, signage and traffic signs and signalization; 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 2022.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $1,750,000 to provide approved debt funding for construction of a multi-use path along the Anthony Wayne Trail between South Avenue and Glendale Avenue. With the issuance of the bonds authorized by this Ordinance, the City's outstanding debt will be increased by not more than $1,750,000. 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 at least 20 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" means, collectively, this Ordinance, the Certificate of Award ...
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