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City asked to issue anticipatory notes as county prices bonds for Basil Western Road work
Summary
Council advanced ORD-26-006 after staff said the county will use a State Infrastructure Bank loan and bonds to finance Basil Western Road improvements and has asked the city to issue notes evidencing its 39% share of debt service during bond pricing and closing.
An ordinance that would authorize Canal Winchester to issue one or more series of notes in anticipation of bonds for Basil Western Road infrastructure improvements was advanced to full council.
Attorney Boggs summarized the financing structure: the county will close on a State Infrastructure Bank loan and issue bonds to finance intersection reconfiguration and related public improvements. Under the intergovernmental agreement, the city’s share of debt service would be 39 percent, though developer contributions could reduce that amount. Boggs said the county has requested the city issue anticipatory notes to demonstrate the city’s commitment while the county prices bonds and closes the loan.
Boggs asked for a waiver of the second and third readings because the county is attempting to price bonds this week and close the loan on March 18. A motion by Laurie Amick, seconded by Will Bennett, to move ORD-26-006 to full council passed 6–0.
If the full council approves the ordinance, the notes would serve as a short‑term obligation demonstrating the city’s agreed share during the county’s bond issuance and loan closing processes.
