St. Marys schedules Jan. 27 public hearing on up to $1.65 million notes for new municipal building; balance owed $723,150

St. Marys City Council announced a public hearing for Jan. 27, 2025, on the proposed issuance of city securities in one or more series to finance the municipal building project. The notice stated that the city may issue notes in anticipation of bonds for a maximum principal amount of $1,650,000 under the Ohio Revised Code and that interested parties may submit written comments to the City of St. Marys prior to the hearing.

Mayor Harris and finance staff said the city has paid down a significant portion of project costs but currently has a balance of $723,150 remaining. The city was authorized at a prior meeting (Dec. 31) to move up to $910,000 from the general fund to the building fund; bond counsel recommended borrowing rather than moving those general funds so cash can be restored to the general fund. Staff said the proposed $1,650,000 would cover remaining balances and provide additional borrowing capacity if needed. The ordinance providing for issuance will return for a second reading after the public hearing.

The notice directs written submissions to the St. Marys municipal office at 101 West Spring Street and instructs that mailed comments arrive before the Jan. 27 hearing. The ordinance text cited the statutory maturity limit for such bonds and a recommended financing plan; council did not vote on final issuance at the meeting and scheduled the hearing as required by law.

Ending: Council will consider the ordinance again after the public hearing and after any public comments are received in writing or at the hearing.