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CIC OK's Bids to Advertise for Bond Counsel, Underwriters"
YOUNGSTOWN, Ohio -- The executive committee of Youngstown Central Area Community Improvement Corp. approved seeking bids from bond underwriters and bond counsel Thursday. Such bids are needed as the CIC oversees building the state 7th District Court of Appeals courthouse on West Federal Street.The underwriter would advise potential buyers of the $3 million in bonds that Mahoning County would issue and repay over 30 years, Edwin Romero, CIC general counsel explained, and answer any questions they might pose. Bond counsel would write and assemble the documents needed to issue the bonds and ensure they were in proper order.The 30-year term is determined by the county's agreement to provide offices to the judges on the appellate court. The court would lease the sit 30 years and the revenues generated would repay the bonds.Separately, the CIC executive committee authorized requesting bids from qualified mechanical and electrical engineers to consult on the construction of the office building that will house Mahoning County Children Services Board and the state Bureau of Workers' Compensation.Project architect Brenda Williams will direct their work, the cost of which the CIC set a $12,000 cap. Romero expects the interested engineers will submit the hourly rates they would charge; Williams would use their services as needed."