Lorain City Council approved ordinances Monday allowing the city to issue general-obligation notes in anticipation of bonds for roadway projects and to retire prior notes.

Council passed an ordinance authorizing issuance and sale of general-obligation notes in a maximum principal amount of $2,000,000 for the purpose of refunding notes originally issued to pay for road improvements to State Route 611 and U.S. Route 6.

Later on the agenda, council considered an ordinance described in the meeting caption as a $6,500,000 issuance but the clerk and auditor clarified on the record that the correct total for that item is $650,000; the ordinance as corrected was passed. Council members asked questions about how interest rates would be set; the city auditor said the interest percentage shown in the ordinance packet was a placeholder (7%) and that the actual rate will be determined when the city receives market quotes.

The auditor also said the city expects to retire prior notes and to pursue bond sales in a future period (auditor indicated the city could pursue bonds next spring to finance a multi-year set of roadway projects). Council approved the related ordinances after motions to suspend the rules and votes for passage.

No specific project-by-project construction funding schedule was finalized in the meeting; council members were told that the OPWC (Ohio Public Works Commission) application referenced for 2027 funding will be part of a later budget and that the 2027 OPWC projects will be addressed in the appropriate fiscal year.