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Council approves plan to finance Pecos water project with USDA certificates of obligation
Summary
The council approved a plan of finance to issue certificates of obligation to be purchased by the USDA to fund a water system project; staff said a larger grant will follow and that the USDA loan will carry a low fixed rate and a 40-year amortization.
The Pecos City Council voted to approve a plan of finance for the city’s water system improvement project that will use combination tax and revenue certificates of obligation to be purchased by the U.S. Department of Agriculture.
Financial advisers and bond counsel on a virtual presentation told the council the city would issue an estimated $24.75 million in…
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