Laserfiche WebLink
Yeas —Bullock, Kepple, Litten, Neff, O'Malley, Rader, Shachner <br /> Nays —None <br /> Motion passed. The oral report was received and filed. <br /> 5. ORDINANCE 40-2020 - Authorizing the issuance of special obligation income tax <br /> revenue notes in the amount of not to exceed $1,500,000 in anticipation of the issuance of <br /> bonds; to pay costs of improving Detroit Road, Hilliard Road and other streets located <br /> within the city, between certain termini, by resurfacing and replacing concrete, together <br /> with all necessary appurtenances thereto; providing for the pledge of revenues from the <br /> city's 1.50% income tax to secure the payment of the principal of and interest on the notes <br /> in anticipation of bonds; and approving related matters; and declaring an emergency <br /> (Placed on 18'reading and referred to Finance 12121120; 2"d reading 114121) (pg. 5) <br /> Councilmember Bullock noted that Ordinance 40-2020 was referred out of committee with a <br /> recommendation to adopt. He added details from that evening's Finance Committee meeting, <br /> surrounding a debt presentation given by the city's bond counsel and representatives at Key <br /> Bank. He added that the recommended timeline from that team was to adopt that evening if <br /> Council was amenable, as it would provide an advantage and give the finance team more time <br /> to put the city's debt on the market. He concluded that the committee recommended adoption <br /> of all 8 debt ordinances, 6 of which are new 1 year short term notes for projects in 2021 and 2 <br /> of which refinance/rollover past debt. <br /> President O'Malley made a motion, seconded by Councilmember Bullock to adopt Ordinance <br /> 40-2020. <br /> A roll call vote was taken as follows: <br /> Yeas —Bullock, Kepple, Litten, Neff, O'Malley, Rader, Shachner <br /> Nays —None <br /> Motion passed. Ordinance 40-2020 was adopted. <br /> President O'Malley made a motion, seconded by Vice President Litten to suspend the rules <br /> so that items 6 through 12 can be read concurrently so that they may be disposed of in that <br /> manor. <br /> A roll call vote was taken as follows: <br /> Yeas —Bullock, Kepple, Litten, Neff, O'Malley, Rader, Shachner <br /> Nays —None <br /> Motion passed. The rules were suspended. <br />