Council adopts ordinance authorizing up to $3.2M in bond anticipation notes for land acquisition for third industrial park

Council placed Ordinance E26 on first reading and, after a motion to suspend the requirement for three readings, adopted the ordinance on July 6.

Ordinance E26 authorizes the issuance and sale of not to exceed $3,200,000 in taxable bond anticipation notes under provisions of the Ohio Constitution and Chapter 165 of the Ohio Revised Code to pay all or part of the cost of a project defined by the Revised Code (here described as creating or preserving jobs, improving economic welfare, and related purposes). The ordinance provides for pledge of certain non‑tax revenues, establishes an account/fund, approves related documents and declares an emergency.

Sponsor remarks described the ordinance as the next step following council approval of land acquisition for a third industrial park. The sponsor said the notes provide short‑term financing flexibility (annual renewal) and that officials plan to evaluate grants, cash on hand and potential land sale proceeds before converting to long‑term financing; the current plan identified a potential contribution from the general and/or capital funds of between $100,000 and $1,000,000 and said the electric utility may purchase the note to keep interest local.

A motion to suspend rules requiring three separate readings was moved, seconded, and approved by roll call, and the council then moved to adopt the ordinance. The roll call reflected affirmative votes recorded in the transcript and the motion to adopt passed.