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Kalispell council authorizes $5.225 million sewer revenue borrowing for wastewater dewatering project
Summary
Council approved Resolution 62-93 to issue $5,225,000 in sewerage system revenue bonds through the DNRC water pollution control state revolving loan program, including $850,000 in subordinating taxable loan forgiveness and $4,375,000 tax-exempt debt at a 2.5% fixed rate over 20 years.
The Kalispell City Council voted to approve Resolution 62-93, authorizing issuance of sewerage system revenue bonds to fund a dewatering project at the wastewater treatment plant.
City staff told the council the financing package totals $5,225,000. "It consists of $5,225,000 in loans, dollars 850,000 of which would be forgiven and the remaining $4,375,000 at a 20 year fixed rate of 2.5%," Michael Nygren said.
Councilor Graham moved adoption of the resolution; the motion passed on roll-call with council members voting aye.
The resolution authorizes the city to use the Montana Department of Natural Resources and Conservation (DNRC) Water Pollution Control State Revolving Loan Program structure described in the motion: $850,000 in subordinating taxable series 2025c (forgiven portion) and $4,375,000 in tax-exempt series 2025d with the stated 20-year, 2.5% terms. City staff indicated they recommended approval to proceed with loan closing under those terms.
No public comment or amendments were recorded during the council's consideration.
