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Richmond Heights hears plan to borrow up to $5.2 million for citywide road program; municipal advisor proposed
Summary
Council heard a presentation from David Connolly of Rock Mill Financial on using one‑year municipal notes to finance a roughly $5 million comprehensive road program, and a resolution to retain Connolly as municipal advisor was introduced for later consideration.
The Richmond Heights City Council heard a presentation from David Connolly of Rock Mill Financial on a plan to issue short‑term municipal notes to finance a comprehensive road improvement program totaling about $5 million and to retain a municipal advisor to oversee the transaction.
City officials said the financing would be issued as one‑year notes, with the city able to renew notes annually or convert to longer bonds later. Connolly told the council that “borrowing is in the neighborhood of 3 and a half percent,” and that, given current city investment returns, “it would make more sense to borrow for significant capital projects.” He described the municipal‑advisor role as the SEC‑regulated responsibility to ensure “the debt…
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