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Albert Lea council approves $1.03 million taxable notes to fund lead service line replacement
Summary
Council authorized issuance of $1,030,781 in taxable grant anticipation revenue notes to fund a state-supported lead service line replacement program; the Minnesota Public Facilities Authority will repay the note under a grant and master agreement.
The Albert Lea City Council voted Jan. 13 to accept an offer from the Minnesota Public Facilities Authority to purchase $1,030,781 in taxable grant anticipation revenue notes to finance the city’s lead service line replacement project.
City Manager (name not specified) described the financing as part of a state initiative to replace lead service lines and said the city will issue the taxable notes on Feb. 5; the PFA will repay the full amount through a grant…
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