Label
GONotesSummitSt
Finance
Tom Skrobola 1647
Title
Providing for the issuance and sale of notes in the aggregate principal amount of $10,553,527, in anticipation of the issuance of bonds, to provide funds to pay costs of the Summit Street Roadway Improvements Project, and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This ordinance authorizes the issuance and sale of $10,553,257 of in anticipation of the issuance of bonds to provide funds to pay costs of the Summit Street Roadway Improvements Project described in Section 1. The amount of the City's outstanding debt will be increased by $10,553,257 by the issuance of these notes. They will be subject to legal debt limits and reduce the City's legal borrowing capacity.
The notes are to be sold to the City Treasury and will be held as an investment. They are expected to remain outstanding until they may be retired with proceeds of bonds to be issued with other series as a part of a scheduled public offering of general obligation bond issue in 2020. The bonds in anticipation of which the notes are to be issued are to be retired over a period of twenty years.
The Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the included in the Project and described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is 240 months.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. It is necessary to issue bonds of this City in the aggregate principal amount of $10,553,257 (the Bonds) to provide funds to pay costs of improving Summit Street from Jackson Street to Lafayette Street by removing existing pavements, grading, draining, constructing and reconstructing the pavement base, catch basins, gutt...
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