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Presenter says bond issue tied to permanent-improvement levy needed for OFCC 32% credit
Summary
A presenter told meeting attendees that a proposed bond issue is like a mortgage payment tied to facility debt and that a permanent-improvement levy for projects lasting more than five years is required to secure a 32% credit from the Ohio Facilities Construction Commission (OFCC).
A presenter explained that the district's proposed bond issue would function "like a mortgage payment" and be connected to debt on a facility, and that the district plans to pair that bond with a permanent-improvement levy to qualify for state matching credits.
"So a bond issue is actually like a mortgage payment," the Presenter said, adding, "It's going to be connected to a debt payment on a facility." The Presenter said a permanent-improvement levy "can go for anything that lasts for more than 5 years," and described the levy as an earmarked local contribution required to receive a 32% credit from the Ohio Facilities Construction Commission (OFCC).
According to the Presenter, the district must include the permanent-improvement levy to be "a partner and get the 32% credit with the OFCC," and the earmark signals the district's commitment to maintain the projects covered by state investment. "The district's ensuring that we're going to continue, upkeeping the, investment that the state's going to make in this community," the Presenter said.
The meeting transcript did not record any formal motion or vote on the bond or levy during the provided excerpt, nor did it provide a timetable, dollar amounts, or a specific ballot proposal. Those details were not specified in the transcript.
