Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council corrects note-interest cap, adopts Ordinance 28-26
Summary
Port Clinton Council adopted Ordinance 28-26 to amend a prior ordinance on note issuance, correcting a clerical interest-rate cap (raising the authorized maximum to 7%) to ensure institutional buyers can purchase the notes; closing is scheduled July 20, 2026.
Council on July 14 waived readings and adopted Ordinance 28-26 to amend Ordinance 22-26 concerning issuance and sale of notes, correcting a clerical error that left the interest-rate cap incorrectly set at 6%. Auditor Gabe Below explained the revision permits institutional buyers and that the maximum authorized interest rate will be 7%; closing on the notes is scheduled for July 20, 2026 with payment due July 22, 2026.
The motion to waive readings, retain the emergency clause, and adopt Ordinance 28-26 passed unanimously after Mr. Tarolli moved and Mr. Robertson seconded. Council described the change as a clerical correction to align authorization with market terms and noted Huntington National Bank had offered 6.20% in comparison to the authorized maximum.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
