Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $3,500,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING CITY STREETS BY CONSTRUCTING, RECONSTRUCTING, WIDENING, RESURFACING, GRADING, DRAINING, CURBING AND PAVING, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance authorizes the issuance of bond anticipation notes for the Barlow Road ($2,300,000) and North Main Street ($1,200,000) road improvement projects.
Body
Legislative History
None.
Purpose & Explanation
The purpose of the legislation is to fund the road construction portion of the Barlow Road and North Main Street projects. We would issue the notes to Huntington National Bank via negotiated private placement notes. The interest rate on the notes is 1.8%.
Timing Considerations
We request approval to allow us to close on the deal prior to year-end.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passage of the legislation.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Finance Director