SUMMARY OF SALE
November 30, 2021
$18,500,000 LTGO Bonds, Series 2021A (Tax Exempt)
$10,000,000 LTGO Bonds, Series 2021B (Taxable)
About the Project
Bonds were issued for the purpose of constructing new township administration buildings, public amenities, educational and cultural facilities, a township park, related parking facilities, and improvements to recreational facilities and related improvements.
Authorization & Purpose
The Series 2021A Bonds are being issued for the purposes of constructing a new township administration building, public amenities, educational and cultural facilities, a township park, related parking facilities, and related improvements, and paying other permissible costs under the Uniform Public Securities Law, including paying certain costs related to the Bonds’ issuance. The Series 2021B Bonds are being issued for the purpose of constructing recreational facilities, related parking facilities and related improvements and paying other permissible costs under the Uniform Public Securities Law, including paying certain costs related to the issuance.
Security
The Series 2021A and Series 2021B Bonds are un-voted general obligations of the Township. The basic security for the un-voted general obligation debt of the Township, is the Township’s ability to levy, and its pledge to levy, an ad valorem tax on all the taxable property in the Township within the ten‐mill limitation imposed by the Ohio Constitution and laws, for the Township and overlapping political subdivisions. The tax can be levied in sufficient amount to pay, as the same becomes due, the principal of and interest on the Series 2021A and Series 2021 B Bonds. The laws of the state of Ohio mandate that a levy for debt service has priority over any levy for current expenses within such ten‐mill limitation. The Township intends to pay a portion of the debt service with service payments in lieu of taxes from already developed properties in the Township and lease payments to be received by the Township for the rental of property adjacent to the project.