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File #: O-243-22    Version: 1 Name:
Type: Ordinance Status: Second Reading
File created: 5/9/2022 In control: Finance Department
On agenda: 6/7/2022 Final action:
Title: Providing for the issuance and sale of $1,170,000 of notes, in anticipation of the issuance of bonds, for the purpose of paying costs of constructing, reconstructing and rehabilitating sidewalks, including, where necessary, driveway approaches and curbs, in certain locations on designated streets; and declaring an emergency.
Label
GONotesAssessedSidewalks
Finance
Melanie Campbell x1252/Bryan Benner x1194/Jamie Takacs x1468
Revised

Title
Providing for the issuance and sale of $1,170,000 of notes, in anticipation of the issuance of bonds, for the purpose of paying costs of constructing, reconstructing and rehabilitating sidewalks, including, where necessary, driveway approaches and curbs, in certain locations on designated streets; and declaring an emergency.

Body
SUMMARY & BACKGROUND:
This Ordinance authorizes the issuance and sale of $1,170,000 of notes in anticipation of the issuance of bonds to provide funding for the City's 2022 Sidewalk Program. With the issuance of the notes authorized by this ordinance, the City's outstanding debt will be increased by not more than $1,170,000. 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 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 notes to be issued with other notes as a part of a scheduled private placement of general obligation notes later in 2022. The bonds in anticipation of which the notes are to be issued are to be retired over a period of 20 years.

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 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is 20 years and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is 240 months from their date of issuance.

Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:

SECTION 1. Authorized Principal Amount of Anticipated Bonds; Purpose. That it is necessary to issue bonds of the City in the aggregate prin...

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