Ordinance 32-21
To: Members of Dublin City Council
From: Dana McDaniel, City Manager
Date: June 22, 2021
Initiated By: Matthew L. Stiffler, Director of Finance
Re: Issuance and Sale of Bonds
Background
Staff is preparing for the issuance of bonds for a sewer project as approved in the 2021 – 2025
Capital Improvements Programs (CIP). The CIP approved $1.85 million for sewer line extensions to
Areas 1B and 1C in 2021. Subsequent to the CIP’s approval, it was determined that Area 1C would
be constructed in 2021 and Area 1B will be brought forward for construction in 2022 as part of the
2022-2026 CIP.
Pursuant to Council’s approval of the Resolution accepting George J Igel & Company’s bid of
$2,114,073 for Sanitary Sewer Extension - Area 1C consisting of $1,415,182 for the sanitary sewer
related costs and the remaining $698,891 in roadway/street related expenditures, this Ordinance
authorizes the issuance and sale of bonds for the sanitary sewer related costs of this project. The
sale of bonds in an amount up to $1.5 million will allow for costs associated with paying for the
cost of issuance to be included in the amount financed if necessary.
The repayment of this debt will be from Sewer Fund revenues which may consist of transfers from
the General Fund or Capital Improvements Fund, as necessary, to provide funding for expenditures
related to the extension of sanitary sewer and water lines pursuant to Council’s direction.
The expectation is that staff will engage the rating agencies regarding these bonds in early August
with pricing to occur in late August and closing to occur in mid-September.
Recommendation
Staff is requesting approval of Ordinance 32-21 at the second reading/public hearing on July 26,
2021.
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017-1090
Phone: 614.410.4400 • Fax: 614.410.4490 Memo