City of Norton v. Limbach

Reece, Judge.

On August 3, 1988, Summit Energy Storage, Inc. (“Summit Energy”) entered into a written agreement with the city of Norton, Ohio (“Norton”), wherein Norton agreed to issue industrial revenue bonds pursuant to Section 13, Article VIII, Ohio Constitution and R.C. Chapter 165, in an amount not to exceed $750 million. Norton and Summit Energy agreed that interest payable to bond purchasers would be subject to federal and state income taxation.

Summit Energy agreed that all proceeds from the bond sale, excluding issuance expenses, would be invested in other securities yielding a higher…