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 more than one series to accommodate USDA’s process. “Because of the way they do their pocket money, that's why we have to have 5 basically, 5 separate loans to equal up to that 32,000,000... that's the way USDA allocated money,” Bonnie said.

City staff noted that DEQ (the state environmental financial program) will have a separate financing mechanism and that additional bond documents related to that program will follow. The council also discussed a previous judicial confirmation that cited a $34 million maximum indebtedness; legal staff clarified the judicial confirmation authorized the project and provided an estimate, and councilors debated whether that number operated as an absolute legal cap. The council decided to proceed with adopting the ordinance and asked staff to confirm details.

Councilmember Brent Dodge introduced Ordinance 2025-5 and moved to dispense with the three‑reading rule and read the ordinance once in summary. After a summary reading by the clerk, councilors voted to adopt the ordinance and to authorize the mayor, clerk and treasurer to sign related documents as needed. The vote was unanimous.

City staff said additional closing documents for each bond series would be routed to the mayor, clerk and treasurer for signature and that further instructions and FedEx delivery of documents from bond counsel were expected in short order.

Councilors noted the ordinance simply codified prior approvals in the loan agreement and letter of conditions with USDA; the ordinance does not itself create additional financing beyond what the city previously authorized, council staff said.