Label
GONotesMunCourtBldg
Finance
Melanie Campbell 1252/Bryan Benner 1194/Jamie Takacs 1468
Revised
Title
Providing for the issuance and sale of $18,000,000 of notes, in anticipation of the issuance of bonds, for the purpose of paying costs of renovating, remodeling, equipping and re-equipping and otherwise improving the Municipal Court Building, together with necessary appurtenances and work incidental thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This Ordinance authorizes the issuance and sale of $18,000,000 of notes in anticipation of the issuance of bonds to provide funds for the purpose of paying costs of renovating, remodeling, equipping and re-equipping and otherwise improving the Municipal Court 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 $18,000,000. 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 in a scheduled private placement or public sale of general obligation notes. They are expected to remain outstanding until they may be retired with proceeds of bonds to be issued with other bonds as a part of a scheduled public sale of general obligation bonds later in 2022.
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 at least 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 and Purpose of ...
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