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Wadsworth packet includes $14.84M bond measure for downtown improvement project
Summary
An ordinance in the council packet would authorize up to $14,844,000 in bonds to finance a multi‑element downtown improvement project including streets, sidewalks, utilities and landscaping; the Auditor certified a minimum 20‑year maturity and the ordinance is presented as an emergency measure.
An ordinance in the March 17 packet (Ordinance No. 26-042), sponsored in the materials by Council Member Jon Yurchiak, would authorize the City of Wadsworth to issue up to $14,844,000 in bonds to pay for the downtown improvement project.
The ordinance states the proceeds may be used for ‘‘designing, engineering, constructing, acquiring, renovating and improving downtown infrastructure including public roadways, streets and parking lots and related curbs and gutters, grading, on street parking, sidewalks, water mains, sanitary sewers and storm sewers, utility conduits, traffic and pedestrian signals, landscaping and otherwise improving the sites thereof, and equipment and appurtenances as may be necessary in connection therewith.’’ The Auditor certified the estimated period of usefulness is at least five years and that the maximum maturity of the bonds is at least 20 years, as required under Chapter 133 of the Ohio Revised Code.
The ordinance text declares the measure an emergency to allow prompt issuance and sale, and delegates implementation details — including the final terms, Certificate of Award and any bond registrar or purchase agreement — to the City Auditor and Mayor. The ordinance as published also authorizes the Mayor and Auditor to complete continuing disclosure and related financing documents should the City proceed with a private placement or negotiated sale.
The packet shows this item at second reading. It does not record a vote in the posted text; the ordinance language indicates further administrative steps (Certificate of Award, potential rating or insurance, continuing disclosure) before bonds would be sold. The measure would be a general obligation of the City under the ordinance's pledge of the full faith and credit and property taxing power; the ordinance also states that, to the extent available and appropriated, municipal income tax or system net revenues may be used to reduce the tax levy required to pay debt service.
Next steps in the packet: additional administrative approvals (Certificate of Award, any Purchase Agreement), and subsequent council action if the Auditor's determinations require ordinance amendments or final adoption.
