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City Council Meeting
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Meeting Date:
08/22/2022
Issuance of Notes - Renewal - $3,750,000
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
08/16/2022
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
2022-O-2546
Agenda Item Description or Legislation Title
An Ordinance Providing For The Issuance And Sale Of Notes In The Maximum Principal Amount Of $3,750,000 In Anticipation Of The Issuance Of Bonds, For The Purpose Of Paying The Costs Of Acquiring Approximately 51 Acres Of Real Property Near The Intersection Of Brandt Pike And Executive Boulevard And Providing For The Site Preparation Thereof, All In Support Of Economic Development And Job Creation Within The City.
(first reading)
Purpose and Background
The legislation attached was prepared by Squire, Patton & Boggs acting as bond counsel for the City of Huber Heights so that notes that were originally issued in 2019 for the purchase of the Lehman property can be renewed for an additional year. City Staff request that the second reading of the legislation be waived so this non-emergency legislation can be effective in thirty days if the legislation is approved at the August 22, 2022 City Council Meeting.
Fiscal Impact
Source of Funds:
TED Fund
Cost:
$7,500
Recurring Cost? (Yes/No):
No
Funds Available in Current Budget? (Yes/No):
Yes
Financial Implications:
Estimated issuance costs of $7,500 would be needed for the note to renew the financing for the 2019 land purchase out of the Transformative Economic Development Fund in 2022. The interest payment for the maturing note was included in the 2022 City Budget.
Attachments
Engagement Letter
Ordinance
2022-O-2546
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