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Council posts ordinance to issue up to $14.84 million for downtown improvement project
Summary
Ordinance No. 26-042 would authorize up to $14,844,000 in bonds for a downtown improvement project covering streets, parking, sidewalks, utilities and landscaping; the ordinance text appears on the agenda and includes Auditor certification and emergency language, but the transcript contains no recorded vote.
Ordinance No. 26-042, sponsored by Council Member Jon Yurchiak, appears on the April 7 agenda to authorize the issuance and sale of bonds in a maximum principal amount of $14,844,000 to pay the costs of the downtown improvement project. The ordinance describes eligible uses for the proceeds including design, engineering, construction and renovation of public roadways, streets, parking lots, curbs and gutters, on-street parking, sidewalks, water mains, sanitary and storm sewers, utility conduits, traffic and pedestrian signals, landscaping and related equipment and appurtenances.
The ordinance recites that the Auditor certified the estimated useful life of the Improvement is at least five years and that the bonds will be issued pursuant to Chapter 133 of the Ohio Revised Code. Sections of the ordinance authorize standard bond mechanics (denominations, optional book-entry issuance, mandatory sinking-fund redemption for term bonds), authorize continuing disclosure and allow the Auditor to apply fund sources (enterprise revenues, municipal income tax) against the tax levy. The text also authorizes retention of Squire Patton Boggs as bond counsel and Baker Tilly Municipal Advisors as municipal advisor. The provided transcript contains the ordinance language and certification instructions to deliver a certified copy to the county auditor but does not include a recorded motion or final vote.
