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Council hears $1.685 million bond sale report; motion made on Resolution 13-2026
Summary
At a May 18 special meeting, Cleveland council heard that a bond sale for $1,685,000 — below the $1.8 million estimate — was completed to fund water-valve replacements. A motion to authorize issuance (Resolution 13-2026) was recorded in the minutes; the vote tally is not specified.
Jessica Green of Northland Securities told the Cleveland City Council at a special May 18 meeting that a bond sale held earlier that day "went very well" and that the financing will include replacement of water valve components.
Green reported the total bond amount as $1,685,000, lower than the earlier estimate of $1,800,000, and said proceeds would be structured over 20 years. The council briefly discussed the financing and the planned use of proceeds for water system valve component replacement.
Council then considered Resolution 13-2026, described in the minutes as a motion "to authorize the issuance and sale of $1,685,000 General Obligation bonds," moved by Tonya Schummer and seconded by Council Member Sarah McCabe. The minutes do not record a vote tally or explicitly state the resolution's final disposition.
The council took no further public-finance actions at the meeting. The minutes note only that Green was present for the bond report; they do not include additional terms such as interest rate, underwriter fees, or final pricing details beyond the principal amount and the 20-year structure.
Votes at a glance from the May 18 special meeting include approval of the agenda (motion by Tonya Schummer; recorded as "Yes – All") and other routine motions recorded elsewhere in the minutes. The council adjourned at 6:03 p.m.
