Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
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.
