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Council approves moving bond‑anticipation notes forward to fund sewer and street projects
Summary
City advisers told the finance committee the city plans to issue about $6.4 million in one‑year bond anticipation notes to roll short‑term construction financing and pay for sewer/street projects; staff will consider the Ohio Market Access Program to lower interest costs.
Director Pei and municipal adviser Matt Stasinski told council the city plans a short‑term financing cycle to support several capital projects, including sewer lining and West 210th repaving, by issuing one‑year bond anticipation notes. Stasinski described the approach as a common construction financing tool and told council the current package before them would authorize roughly $6,400,000 of one‑year notes.
Stasinski also discussed an optional credit‑enhancement program from the state treasurer (OMAP) that can modestly reduce interest costs for certain issuances; he said the city will evaluate enrollment as it approaches the sale window in the fall. Council voted 7–0 to place the two ordinances for issuance of sewer and street notes on second and subsequent third readings.
