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Council approves $3.48 million financing agreement with State Water Resources Control Board for water system improvements
Summary
Council approved Resolution No. 1651-2025 authorizing a financing agreement with the State Water Resources Control Board to fund remaining water capital improvements; the total debt service is $3,476,083.01 with a principal loan amount discussed and a 1.9% interest rate over approximately 40+ years.
RIO DELL — The City Council unanimously approved a resolution authorizing the city to execute a financing agreement with the State Water Resources Control Board to finance additional water system improvements.
City staff and consultants told the council the city was awarded a $12.9 million state grant through the State Water Resources Control Board for a water capital improvement project that is already under construction. Bids required some project items be peeled back to meet the original budget; staff presented a financing option to complete the previously envisioned scope.
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