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Council approves note issues for road projects and to retire prior notes; auditor says bond terms still pending
Summary
Council approved multiple ordinances authorizing general-obligation note issues to refund prior notes and to finance roadway improvements; the city auditor said interest rates are placeholders until market quotes are received.
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…
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