Fairborn Council adopts $2.545 million bond anticipation note to cover prior projects

Fairborn City Council voted unanimously on Jan. 16 to adopt Ordinance No. 1-18, authorizing up to $2,545,000 in short-term bond anticipation notes (BANs) to cover costs from four prior public infrastructure projects.

"Ordinance 1-18 is a short term Bond Anticipation Note in the amount of $2,545,000," Finance Director Randy Groves said, explaining that the city rolls BANs over each year for projects that remain incomplete and retires them with long-term bonds when market conditions allow. City Solicitor Mike Mayer read the ordinance by title before the council waived additional readings and approved the measure by a 7–0 voice vote.

The ordinance does not itemize every project in the meeting record but Groves said the amount represents combined debt issued for four projects in the previous year. Council members asked no follow-up questions during the brief public hearing and adoption sequence. Mayor Paul Keller declared the ordinance duly adopted.

The BANs are short-term debt instruments that must be repaid annually or converted into long-term bonds; Groves said staff consults the city's financial advisor and the bond market when deciding whether to reissue or retire BANs. No bond sale timeline or debt-service schedule was provided in the meeting record.