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Council approves bond anticipation notes for Third Street, Horns Hill, Raccoon Creek projects
Summary
Newark City Council voted to adopt four ordinances authorizing bond anticipation notes to fund street, sewer and streambank work, with roll calls showing unanimous support from members present.
Newark City Council on an emergency basis adopted four ordinances authorizing bond anticipation notes to pay for a Third Street area streetscape project, a Horns Hill Road sanitary sewer project, streambank protection on Raccoon Creek and a consolidation of up to three bond anticipation note issues.
The ordinances were presented and each was adopted after a motion by Mr. Marney and a second by Mr. Barker. City staff read the ordinances into the record and the clerk called the roll for each. The council recorded unanimous affirmative votes from members present on Ordinance 25-02, Ordinance 25-03, Ordinance 25-04 and Ordinance 25-05; each measure was declared to "pass" during the meeting.
Ordinance 25-02 authorizes issuance of not-to-exceed $1,155,000 in bond anticipation notes to pay costs for Third Street area improvements and repairs, including electrical work, sidewalks, streets and streetscape appurtenances. Ordinance 25-03 authorizes $265,000 in BANs for a portion of the city's cost of the Horns Hill Road sanitary sewer project. Ordinance 25-04 provides for $520,000 in BANs to pay costs of a streambank protection project, including replacement of a sheet-pile dam on Raccoon Creek and related site work. Ordinance 25-05 consolidates up to three bond anticipation note issues for the city.
Councilmember Marney moved to adopt each ordinance; Barker seconded each motion. Amy (the clerk) called the roll for every vote. For each ordinance the roll call as read in the meeting included the following affirmative responses: "Mister Rapp; Mister Ryan; Mister Barker; Miss Bligh; Mister Schuh; Mister Cox; Mister Hauser; Mister Labuidis; Mister Marney; Mister Neely" (vote tallies recorded in the minutes as unanimous among members present). No negative votes or abstentions were recorded in the transcript for these items.
A separate resolution, Resolution 25-05, appropriating monies for municipal current expenses was read and held until the next meeting; council indicated it will be taken up in March.
Votes at a glance
- Ordinance 25-02 — Issue BANs up to $1,155,000 for Third Street area improvements and repairs. Motion: adopt ordinance 25-02 (mover: Mr. Marney; seconder: Mr. Barker). Outcome: approved; roll-call recorded unanimous "yes" among members present.
- Ordinance 25-03 — Issue BANs up to $265,000 for Horns Hill Road sanitary sewer project costs. Motion: adopt ordinance 25-03 (mover: Mr. Marney; seconder: Mr. Barker). Outcome: approved; roll-call recorded unanimous "yes" among members present.
- Ordinance 25-04 — Issue BANs up to $520,000 for streambank protection, including replacement of the sheet-pile dam on Raccoon Creek. Motion: adopt ordinance 25-04 (mover: Mr. Marney; seconder: Mr. Barker). Outcome: approved; roll-call recorded unanimous "yes" among members present.
- Ordinance 25-05 — Consolidate up to three bond anticipation note issues for the city; declared an emergency. Motion: adopt ordinance 25-05 (mover: Mr. Marney; seconder: Mr. Barker). Outcome: approved; roll-call recorded unanimous "yes" among members present.
Why it matters: Bond anticipation notes allow the city to finance near-term construction and capital work ahead of issuing longer-term bonds. The measures give the administration financing flexibility to proceed with the listed infrastructure projects while the council declared each measure an emergency to expedite the process.
The record shows the measures passed by roll call with affirmative votes from the council members listed in the minutes; the appropriations resolution read at the meeting was held for further consideration at the next council session.
