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Sanford approves financing steps for Pittsboro force main and lift station; $55.1 million state grant replaced through MOU
Summary
Council authorized application to the Local Government Commission for revenue bonds to support the Pittsboro force main and lift station and accepted a $55.1 million grant replacement via a memorandum of understanding with the North Carolina Department of Commerce. The project financing package also includes SRF loans.
Sanford City Council on Feb. 4 authorized steps to finance the Pittsboro force main and lift station project, including applying to the Local Government Commission for revenue bond authority and approving a memorandum of understanding that replaces a prior Golden Leaf award with a $55.1 million state grant through the Department of Commerce.
Finance staff told the council the resolution authorizes application for revenue bond series 2025A not to exceed $25 million; staff said the actual borrowing for the…
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