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Sandusky Commission approves bonds to finance Columbus Avenue, landing and park improvements
Summary
The Commission approved two emergency ordinances to issue up to $9.265 million and $6.17 million in bonds to retire 2025 notes and finance Columbus Avenue reconstruction and park/landing improvements; finance staff said the city will seek 25-year long-term financing and will report final interest costs after debt placement.
The Sandusky City Commission on Aug. 10 approved two emergency ordinances authorizing the sale of bonds to retire short-term notes and fund reconstruction projects for Columbus Avenue and city parks, including landing improvements.
Miss Reeder, the finance staff member who explained the measures, said the legislation will retire the 2025 notes and move the projects to long-term financing. "What we're doing here is we are retiring the 2025 notes," she said, adding that the city is retiring about $11,800,000 in notes and is looking at financing the projects for 25 years. She told commissioners that the final interest rate will be known once the debt is placed and that staff will provide the exact interest calculations then.
The first ordinance authorizes issuance and sale of bonds with a maximum principal amount of $9,265,000 for retiring notes tied to Columbus Avenue reconstruction and related work; the second authorizes up to $6,170,000 for parks and recreational improvements including The Landing. Both ordinances were moved, seconded and approved on roll calls during the meeting. The ordinances were presented as emergency measures consistent with Section 14 of the City Charter.
Commissioners who spoke in favor noted the need to complete the street and waterfront projects and to move from short-term notes to longer-term, predictable financing. The city will return to report the debt placement details and the exact interest and total repayment amounts once bids or purchase terms are finalized.
