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Vero Beach to borrow $55 million short term to keep water reclamation project on schedule
Summary
City staff and consultants told the council the city will seek a $55 million short-term loan this December as a bridge while it readies a long-term bond for the new Water Reclamation Facility; construction schedule remains on track with full operation targeted in mid‑2028.
Vero Beach officials told the City Council that they plan a short-term borrowing of $55,000,000 in December to maintain construction momentum on the new Water Reclamation Facility (WRF) and to buy time for audited financials and rate work needed before a long-term bond.
Will Taub, a financing consultant who briefed the council, said the short-term loan is intended as “bridge funding” while the city completes steps required to access long-term municipal bonds. “The first step forward would be to establish a short term borrowing in the amount of $55,000,000 that would take place in December,” Taub said. He and staff projected a long-term bond issuance in December 2026 with a potential bond size “in the ballpark of a $125,000,000,” subject to refinement as the project…
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