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Medina council approves bond anticipation notes to preserve borrowing option for courthouse project
Summary
The Medina City Council adopted two ordinances to issue bond anticipation notes totaling up to $8 million in not-to-exceed authorizations, added an emergency clause, and amended interest payment timing from semiannually to annually; council members and finance staff said the city will not actually borrow now but is preserving the option to do so.
Medina City Council on Tuesday approved two ordinances authorizing the issuance of bond anticipation notes related to the city’s courthouse project and adopted an amendment to make interest payments annually rather than semiannually.
City Finance Director Durham told council the moves preserve the city’s ability to borrow later while the city currently has cash to proceed. “We are not borrowing money to do anything with the courthouse at this time,” Durham said, explaining the bond anticipation notes are a procedural step to preserve future borrowing capacity.
The notes are set up in two ordinances: Ordinance 104-25 (not to exceed $3,000,000) and Ordinance 105-25 (not to exceed $5,000,000). Council…
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