Parma City Council on June 16 approved ordinances authorizing the issuance of bonds to retire short-term notes taken for building roof replacements and to refund a portion of outstanding general obligation debt.

The first ordinance authorizes up to $1,560,000 of bonds to retire notes issued for roof work at the service garage, Justice Center, Senior Center and other public buildings. The second ordinance authorizes up to $1,600,000 to currently refund a portion of the city’s outstanding $7.94 million various-purpose refunding bonds (series 2016).

Treasury staff told council the outstanding notes carry an interest rate of about 3.95%; current bond market rates are roughly 4–4.1%. The administration said it had instructed the city’s bond advisor, Tim Reedy, to shop the refunding options and present schedules for seven-year and ten-year terms: the goal is to combine eligible issues where possible to reduce issuance fees but to avoid stretching debt beyond prudent tenors.

Council members asked whether the two ordinances together would increase the city’s outstanding borrowing; the treasurer explained the planned bond(s) would be combined with existing obligations where appropriate and that the proposed new bonds would not meaningfully extend amortization beyond what staff recommended.

Vote and next steps: Both measures passed on roll-call votes under suspension of the three‑reading rule. Staff said they would return with firm interest rates and amortization schedules before finalizing sale documents, and that the July timeline for rolling notes into bonds requires prompt action.

Ending: The administration said it aims to minimize annual debt service and issuance costs while replacing short-term note financing with longer-term bonds that better match the useful life of the capital improvements.