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Canal Winchester approves notes to lock in financing for Basil Western Road improvements
Summary
Council adopted an ordinance authorizing issuance of anticipatory notes to support county bonds and a State Infrastructure Bank loan for Basil Western Road improvements; under the intergovernmental agreement the city will bear 39% of resulting debt service.
Canal Winchester’s council adopted an ordinance authorizing the city to issue notes in anticipation of bond proceeds and a State Infrastructure Bank loan to finance improvements to Basil Western Road.
Law Director Thaad Bogs explained the ordinance implements an intergovernmental financing plan being coordinated with Fairfield County, the county transportation improvement district and the Fairfield County Port Authority. Under the agreement the county will pursue state infrastructure bank financing and bond issuance; the city’s share of debt service was described as 39% and staff said developer contributions may reduce the city and county shares as development occurs.
Bogs said the county needed evidence of the city’s obligation to cover debt service in the form of an anticipatory note to proceed with bond pricing and an SIB loan closing scheduled in March. Council voted to waive additional readings and adopted the ordinance to keep the financing timeline intact.
Council members expressed support for moving ahead to secure favorable bond pricing and to honor development schedules that rely on the road improvements. The ordinance authorizes execution of related agreements and the issuance of notes as required to evidence the city’s obligation under the intergovernmental agreement.
Next steps: staff and counsel will execute the note and related agreements as directed by the ordinance so the county can proceed with bond pricing and the SIB loan closing process later in March.
