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Council authorizes application for installment financing and approves budget amendments to fund capital projects
Summary
Council authorized staff on Jan. 9 to file an application with the Local Government Commission for an installment financing agreement of approximately $9.9 million to close funding gaps on a build-grant project and a stormwater pipe replacement program.
Greenville City Council on Jan. 9 authorized staff to apply to the North Carolina Local Government Commission for approval of an installment financing agreement to fund a gap for the build grant and a public-works stormwater pipe replacement project.
Chief Financial Officer Jacob Joiner told council the anticipated financing issuance would be about $9.9 million. Staff described next steps: a public hearing scheduled for Feb. 13 and a planned closing on Feb. 27. The financing will help complete funding for the build grant project and the stormwater pipe replacement work; staff said portions of earlier phases were funded with federal ARPA dollars and the new financing would fill the remaining gap.
In the same meeting council approved budget ordinance amendment No. 6, which adjusted revenues in the operating budget to projected actuals (increasing the general fund by about $930,000), recognized a Justice Assistance Grant and a Governor's Highway Safety Program grant in the special revenue grant fund (about $77,000), and transferred $75,000 from the sanitation fund to the facility improvement fund for public-works yard lighting. The total operating budget after the amendments was stated as about $191.6 million.
Council approved the financing application authorization and the budget amendment, each by unanimous vote.
