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West Carrollton council adopts emergency ordinances authorizing $2.8M and $5.2M bond anticipation notes
Summary
West Carrollton City Council voted to adopt two emergency ordinances authorizing up to $2.8 million in general obligation bond anticipation notes for River District infrastructure and up to $5.2 million in bond anticipation notes for land acquisition; both measures passed unanimously to secure interest rates and meet renewal deadlines.
West Carrollton City Council on April 14, 2025, adopted two emergency ordinances authorizing the issuance of short-term bond anticipation notes: up to $2,800,000 for infrastructure improvements in the city’s River District and up to $5,200,000 for various-purpose real estate acquisition, including parcels in the River District.
City staff presented both measures as emergency legislation needed to secure current interest rates and complete required closing documents before scheduled renewal dates. “This ordinance authorizes the issuance of not more than $2,800,000 in general obligation bond anticipation notes related to the infrastructure improvements within the city's River District,” said Miss Holloway, a city staff member, during the presentation. Regarding the land-acquisition notes, Miss Holloway said, “These notes will be paid down as land sales occur.”
Council members voted to adopt both ordinances as emergency measures. Mayor Richard Barnhart moved to approve Ordinance 37-98; the motion was seconded by Councilmember Tomlin. The subsequent motion to approve Ordinance 37-99 was moved by Councilmember Freiman and seconded by Councilmember Tomlin. Votes recorded on both ordinances were unanimous among council members present: Councilmember Bridal (yes), Councilmember Tilton (yes), Councilmember Tomlin (yes), Councilmember Boyle (yes), Councilmember Dobson (yes) and Mayor Barnhart (yes). Councilmember Zeny was excused.
Council members and staff framed the emergency designation as a timing necessity rather than a change to long-term financing policy: staff said the short-term notes allow the city to lock favorable rates and close transactions before renewal timelines. For the land-acquisition notes, staff noted the city intends to retire the notes as parcels are sold and that revenues will be pledged for payment as described in the ordinance.
Both ordinances will enable staff to proceed with closing and short-term financing steps; the city did not provide additional details on underwriting, repayment schedules, or which parcels are targeted for acquisition during the meeting.
The measures were taken as separate ordinances but were related by the council to broader River District development and land-management plans.
