Label
GOBondsStmWater
Finance
Melanie Campbell (x1252) Bryan Benner (x1194) Jamie Takacs (x1468)
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $700,000 for the purpose of paying 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 approximately 1,400 feet to connect to an existing main in ProMedica Parkway; 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 issue in November 2022.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $700,000 to provide funds to be used to retire outstanding bond anticipation notes issued in November 2021 to provide approved debt funding for costs of the improvement described in Section 2. With the issuance of the bonds authorized by this Ordinance and the retirement of the outstanding notes, the City's outstanding debt will neither increase nor decrease the City's legal borrowing capacity. The bonds will be subject to statutory direct debt limits and the statutory and constitutional indirect debt limitation.
Pursuant to Ordinance No. 328-21, passed on July 13, 2021, there were issued $700,000 Storm Water Drainage Improvement Notes, Series 2021, in anticipation of bonds for the purpose stated in Section 2, which notes were retired at maturity with $700,000 of notes (the Outstanding Notes) issued in anticipation of bonds pursuant to Ordinance No. 481-21, passed on September 28, 2021, as part of a consolidated issue of $9,000,000 Capital Improvement Notes, Series 2021, which Outstanding Notes mature on November 16, 2022.
This Council finds and determines that the City should retire the Outstandi...
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