Grafton council approves participation in Ohio Market Access/AMP financing program

The Village of Grafton council voted March 3 to authorize participation in the Ohio Treasurer of State’s Ohio Market Access Program in connection with American Municipal Power financing and to authorize preparation and filing of required application documents and a standby note-purchase agreement.

Council discussed debt-covenant history and repayment schedules during consideration of the ordinance. The record notes the village previously used an interest-only period and that in about 2024 the village failed to meet a debt covenant; principal-plus-interest payments are scheduled to resume next year. Council members cited those constraints in debating the ordinance and the need to structure financing to meet covenants.

Council moved to suspend the rules, then moved to pass the ordinance on the same evening; both motions passed by recorded unanimous vote. The ordinance was presented as an emergency measure; the Clerk-Treasurer was asked for the ordinance number during the meeting and did not provide one on the record.

Council members recorded their votes as all ayes for the suspensions and for passage. The action authorizes staff to complete and sign application and standby-note documents required for participation in the Market Access Program and related AMP financing; staff indicated next steps will include document execution and coordination with AMP and the Treasurer’s office.

The council did not provide further detail in the meeting on specific financing terms beyond the discussion of debt-service obligations and the timing of principal payments.