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Newport consents to bond approval certificate for Kentucky Bond Development Corporation issuance
Summary
The board consented to a certificate of approval for bonds issued by the Kentucky Bond Development Corporation for the benefit of improvements at NCC; city staff said the arrangement will not affect Newport's bonding capacity because Woodlawn will act as sponsor.
The Board of Commissioners of the City of Newport granted consent to a certificate of approval related to bonds issued by the Kentucky Bond Development Corporation, a staff member said.
Commissioner Order Number 63 authorizes Mayor Thomas L. Cadulli Jr. to execute a certificate of approval regarding the issuance of bonds by the Kentucky Bond Development Corporation for the benefit of improvements at "NCC" (as stated in the meeting record). A staff representative explained that the bonds will be issued out of the city of Woodlawn, which is acting as the sponsor city under a carve-out in state law.
City staff told the board the structure is intended to avoid using Newport's bonding capacity and will not affect the city's tax rolls because the property involved is currently tax-exempt. The staff member said the process had already completed required public hearings and that representatives from the Kentucky League of Cities were expected to be available for questions if needed.
A commissioner who inquired about bonding capacity said they had confirmed with staff that the arrangement would not affect Newport's bonding capacity. The staff representative reiterated that the main responsibility required of Newport was to check a statutory box because the facility is located within Newport.
The board voted unanimously to approve the order. Commissioners recorded as voting "yes" were Commissioner Radwanski; Vice Mayor Smith Morrow; Commissioner Recton; Commissioner Sutherland; and Mayor Thomas L. Cadulli Jr.
