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Toledo council approves application for up to $75 million loan to fund water distribution upgrades
Summary
The Toledo City Council voted unanimously Sept. 23 to authorize the mayor to apply for and accept loan proceeds up to $75 million from the Water Supply Revolving Loan Account to finance distribution system improvements and to designate a repayment source.
The Toledo City Council on Sept. 23 approved Ordinance 4-64-25 authorizing the mayor to apply for and enter into loan agreements with the Water Supply Revolving Loan Account and to accept, deposit, appropriate and expend loan proceeds not to exceed $75,000,000 for a distribution system improvements project.
Councilmember Mario Martinez, who presented the item on behalf of the Department of Public Utilities, said the ordinance authorizes adjustments and transfers of expenses to comply with loan…
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