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File #: O-328-21    Version: 1 Name:
Type: Ordinance Status: Second Reading
File created: 6/9/2021 In control: Finance Department
On agenda: 7/13/2021 Final action: 7/13/2021
Title: Providing for the issuance and sale of notes in the aggregate principal amount of $700,000, in anticipation of the issuance of bonds, to provide funds to pay a portion of the costs of improving the City's storm water drainage system by constructing a storm water sewer main from an existing main at a point in Central Avenue just west of its intersection with Upton Avenue southwesterly in City streets and easements acquired and to be acquired to connect to an existing main in ProMedica Parkway; and declaring an emergency.
Attachments: 1. Audio: Agenda Review June 15, 2021, 2. Audio: City Council June 22, 2021
Label
GONotesStmWaterDrainage
Finance
Melanie Campbell x1252/Bryan Benner x1194/Jamie Takacs x1648
Revised

Title
Providing for the issuance and sale of notes in the aggregate principal amount of $700,000, in anticipation of the issuance of bonds, to provide funds to pay a portion of the costs of improving the City's storm water drainage system by constructing a storm water sewer main from an existing main at a point in Central Avenue just west of its intersection with Upton Avenue southwesterly in City streets and easements acquired and to be acquired to connect to an existing main in ProMedica Parkway; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This ordinance authorizes the issuance and sale of $700,000 of notes in anticipation of the issuance of bonds to provide funds to pay a portion of the costs of a storm water drainage improvement project described in Section 1 the Colony Area of the City. The amount of the City's outstanding debt will be increased by $700,000 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 bonds later in 2021. 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 ordain...

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