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Franklin board recommends up to $47 million in sewage revenue bonds to fund plant expansion and sewer projects
Summary
The Board of Public Works and Safety recommended that the City Council approve issuance of sewage works revenue bonds of up to $47 million to fund a wastewater treatment-plant expansion, the West Side interceptor and sanitary-sewer rehabilitation.
The Board of Public Works and Safety recommended that the City Council approve issuance of sewage works revenue bonds of up to $47,000,000 to pay for the wastewater treatment-plant expansion, the West Side interceptor and lift station, and general sanitary-sewer and manhole rehabilitation.
The recommendation came after a presentation from Rick Hall of Barnes & Thornburg, the city's bond counsel, and Jeff Peters, the city's financial adviser. Hall told the board the resolution before them would allow the city to issue bonds "in the amount of $47,000,000 up to $47,000,000" and use proceeds for the projects listed on exhibit A of the resolution. Peters said the city expects to amortize the debt over 20 years and that the rates set last fall are expected to cover the planned borrowing.
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