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Council hears timeline for $55M short‑term bridge loan and proposed $125M long bond for water reclamation financing
Summary
City finance consultants told the Vero Beach City Council that staff expects to seek a short-term borrowing of $55 million in December to bridge construction funding for the new water reclamation facility (WRF), with a long-term bond issuance of roughly $125 million targeted for December 2026 to retire the bridge loan and fund remaining costs.
City finance advisers presented the council with a multi-step financing plan on Oct. 7 aimed at keeping construction of the new water reclamation facility moving while the city prepares audited financial statements and a rate study necessary for long-term borrowing.
Will Taub, a finance adviser who briefed the council on the project timeline, said the immediate recommendation from the finance commission and staff is to establish a short-term borrowing of $55 million in December. Taub said that short-term borrowing would act as bridge funding and be repaid when the city issues a long-term revenue bond, currently projected in the “ballpark” of $125 million and scheduled…
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