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Council approves ordinance authorizing up to $32.268 million in USDA sewer revenue bonds
Summary
The council approved Ordinance 2025-5 authorizing sewer revenue bonds not to exceed $32,268,000 (to be issued in multiple series to match USDA allocations) and authorized city officials to sign closing documents; bond counsel explained USDA requires multiple series and a separate DEQ financing will follow.
The Preston City Council voted to adopt Ordinance 2025-5, authorizing the issuance of sewer revenue bonds in a principal amount not to exceed $32,268,000. Bond counsel told the council the loans will be issued in multiple series to match the U.S. Department of Agriculture’s allocation schedule.
Bond counsel Stephanie Bonnie, who phoned into the meeting, explained that USDA's Rural Utilities Service required separate loan documents and that the ordinance’s phrase “may be issued in multiple series” was intended to allow issuance in…
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