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Canal Winchester authorizes notes to back county bonds for Basil Western Road improvements
Summary
Council adopted ordinance 26-006 authorizing issuance of anticipatory notes so the county can include the city's 39% share of debt service in a state infrastructure bank loan and bond pricing; law director said timing required expediting readings to meet county bond pricing and SIB closing deadlines.
Canal Winchester City Council on March 2 adopted an ordinance authorizing the city to issue one or more series of notes in anticipation of the county's issuance of bonds and a state infrastructure bank loan to finance improvements on Basil Western Road and related public infrastructure.
Law Director Thaad Bogs explained the financing structure: Fairfield County will secure a state infrastructure bank loan and issue bonds to fund the roadway improvements; as part of the intergovernmental agreement, the city bears 39% of the debt service for parcels within the city. The county requested that the city evidence its obligation by issuing anticipatory notes so the county could price the bonds and close the SIB loan on the county's timetable.
Bogs said council was being asked to waive additional readings because the county is preparing to price bonds this week and close the state infrastructure bank loan on March 18. Council voted unanimously to waive the extra readings and adopt ordinance 26-006.
The vote keeps the intergovernmental financing schedule on track; the city's ultimate obligation will depend on final bond pricing and any developer contributions that may offset portions of the debt service.
