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Council authorizes issuance of taxable G.O. promissory notes to fund Safe Drinking Water lead-line replacements
Summary
The council approved issuance and sale of up to $2,172,756 in taxable general obligation promissory notes to fund lead service-line replacement under a Safe Drinking Water loan; repayment will be through future property tax levies if debt does not decline.
The Common Council approved a finance resolution authorizing issuance and sale of up to $2,172,756 in taxable general obligation promissory notes, series 2025, to cover costs associated with lead service-line replacement under the Safe Drinking Water Loan program.
Council members clarified that the funding will support lead service line replacement and that the debt would be funded through future property tax levies unless other debt obligations decline. Alder Killian asked for clarification that this related to the Safe Drinking Water Loan; the mayor (or presenting staff) confirmed that it does.
The resolution passed the council 8–2.
