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Maumee council authorizes short-term notes, approves heliports rule and authorizes exploration of TIF litigation
Summary
Council approved multiple finance-related ordinances and procedural measures April 6 after a municipal-advisor briefing on issuing one consolidated one-year note to temporarily finance sewer, Fallen Timbers and equipment projects; council also approved a heliports ordinance and authorized the law director to seek outside counsel to explore potential litigation over unpaid TIF payments.
Maumee City Council on April 6 moved forward with a package of finance and governance actions after a presentation from municipal advisor Brian Cooper (Baker Tilly) on short-term notes and related ordinances.
Cooper told council the plan is to issue one consolidated one-year note to temporarily fund several projects — including sewer meter improvements, land acquisition, a hydro-excavator truck and Fallen Timbers work — and then refinance into long-term bonds. He said the city would offer the notes as limited-tax general obligation securities secured by a mix of TIF revenues, sewer enterprise funds and municipal income tax, and that it is not anticipated the city would levy additional property taxes to repay the debt. Cooper estimated a likely yield near 2.4% on the short-term notes and an estimated all-in rate of about 3.16% for the…
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