Fairborn approves up to $130,000 in bonds to cover property-owners' 2016 sidewalk shares; council hears about bond rating

On June 6 the Fairborn City Council approved Ordinance No. 18-16, authorizing the issuance and sale of bonds in a not-to-exceed principal amount of $130,000 to pay property owners' portions of the 2016 curb, sidewalk and driveway approach repairs.

Finance Director Randy Groves explained D.L. Smith Concrete completed the repairs in April 2016 and that the city had issued a bond anticipation note last year to pay the contractor. He said property owners are being billed and have 30 days to pay; amounts not paid will be assessed over five years and the final bond amount will be determined by payments received. When Councilman Tim Steininger asked about the city's bond rating, Groves stated "it is Moody's AA2." He added that the city has been receiving roughly a one percent rate on notes and about two percent on bonds.

Council waived the three-reading rule and adopted the ordinance by unanimous voice vote; the actual amount of bonds will be determined based on property owner payments.