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Council approves $50,000 emergency appropriation for bond issuance costs
Summary
Council passed Ordinance 2025‑25 as an emergency to appropriate $50,000 to cover bond issuance costs tied to paying off $2.8 million in notes.
Xenia City Council on Sept. 25 unanimously approved an emergency amendment to the fiscal‑year appropriations to provide $50,000 to pay bond issuance costs tied to a previously authorized bond sale intended to pay off roughly $2.8 million in outstanding notes.
Finance director (referred to in the meeting as Mr. Duke) told council the city had approved issuing bonds earlier in the month to retire existing short‑term notes. City staff had anticipated selling the bonds at a premium and using those proceeds to cover issuance costs; in the current sale the bonds must be sold at par and issuance costs were not budgeted, Duke said. He asked the council to appropriate $50,000 from the city’s funds to cover those costs.
Council moved to pass Ordinance 2025‑25 as an emergency and carried the measure on a unanimous roll call. Duke said the appropriation specifically covers issuance and related costs for the bond closing; no additional bond principal changes were discussed at the meeting.
