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Council reports purchase of additional well property; SRF allows interim BAN so construction can start
Summary
Town officials said they signed an agreement to buy additional property for water wells and that the State Revolving Fund (SRF) approved a bond anticipation note (BAN) so construction can begin before final loan issuance.
Town staff reported that Westville signed an agreement to purchase additional property for a new well project and said the State Revolving Fund (SRF) approved a bond anticipation note (BAN) that will allow construction to begin before the SRF issues a formal loan.
During the utilities report, a council speaker said the town "signed the agreement for the purchase of the additional property for the wells for the new project." The same speaker added that SRF "approved us getting a BAN before the loan would be due, so construction can start before the SRF approves the loan or issues the loan." The remarks indicate the town has a property acquisition under way and has secured interim financing authorization to avoid delaying construction, according to the meeting record.
The council did not provide a project schedule, total project cost, or identify closed financing terms during the meeting. The record does not show a vote on the property purchase or loan terms during this session.
