Label
GOBondsSummitStreetSeries A - Summit Street Roadway Improvement Project
Department of Finance
M. Campbell (x1252), B. Benner (x1194), J. Takacs (x1468)
(Revised)
Title
Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $10,555,000 to provide funds to pay costs of improving Summit Street between certain termini by removing existing pavements, grading, draining, constructing and reconstructing the pavement base, catch basins, gutters, curbs, manholes, driveway approaches, pedestrian ramps and sidewalks, installing sanitary sewer, storm sewer and water lines, preparing the surface, surfacing and resurfacing and installing street lighting, traffic signs, signals and signalization and trees and other landscaping, and by replacing a water main, in each case together with necessary appurtenances and work incidental thereto, and acquiring real estate and interests in real estate in connection therewith, 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 sell in 2020.
This ordinance authorizes the sale of up to $10,555,000 of general obligation bonds to provide funds to be used to retire an outstanding bond anticipation note issued in May 2020 to provide approved debt funding for the Summit Street Roadway Improvement Project that is stated to mature on December 31, 2020 and is being held as a treasury investment of the City. The bonds will be subject to legal debt limits; however, with their issuance and the retirement of the outstanding note, the City's outstanding debt will not be increased by more than $1,743.
Pursuant to Ordinance No. 179-20 passed May 20, 2020, a note in anticipation of bonds in the amount of $10,553,257, dated May 27, 2020 (the Outstanding Note), was issued for the purpose described in Section 2, which Outstanding Note is to mature on December 31, 2020.
This Council finds and dete...
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