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Akron council unanimously approves multiple bond measures and borrowing authorizations
Summary
The council approved four separate bond ordinances (bond anticipation notes and improvements) authorizing bond sales totaling several million dollars for general obligation and economic development purposes; each ordinance passed by unanimous vote after suspension of rules.
Akron City Council on Tuesday approved four bond ordinances authorizing the issuance and sale of notes and bonds for multiple city purposes.
Councilman Lombardo presented four ordinances under budget and finance that authorized: up to $2,121,500,000 for purposes tied to a $65,512,425 general obligation bond anticipation note series 2024 (as stated on the record); up to $5,200,000 for taxable economic development revenue notes to pay $5,163,705.56 for AES system improvement projects; up to $1,680,000 for taxable general obligation property acquisition notes to pay $1,678,666.67 at maturity; and up to $5,000,000 for general obligation courthouse improvement bond anticipation notes. Each ordinance received a favorable committee report, the council suspended the rules for immediate consideration, and each passed unanimously by recorded vote (12–0).
The council’s votes clear the way for the city to issue the authorized notes and proceed with financing steps; city staff indicated no further comment at the meeting and each ordinance was declared an emergency to expedite implementation.
What’s next: The city will finalize sale documents and proceed with bond-issuance steps in accordance with the ordinances approved by council.
