Label
Bond Anticipation Note - Series A
Dept. Public Safety & Facilities
Melanie Campbell X1252
Title
Providing for the issuance and sale of notes, in anticipation of the issuance of bonds, to provide funds to pay costs of renovating, remodeling, equipping and re-equipping and otherwise improving certain buildings and facilities used in carrying out functions of the City's Department of Public Safety, together with necessary appurtenances and work incidental thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bond anticipation notes the City plans to sell in June 2021.
This ordinance authorizes the sale of up to $18,410,000 of general obligation bond anticipation notes to provide funds to pay costs of renovating, remodeling, equipping and re-equipping and otherwise improving buildings and facilities used in carrying out functions of the City's Department of Public Safety, including the Alarms Building, Fire Station #1 and the Public Safety Building, together with necessary appurtenances and work incidental thereto. With the issuance of the notes authorized by this ordinance, the City's outstanding debt will be increased by not more than $18,410,000. The notes 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 this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is two hundred forty months.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. It is necess...
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