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Council authorizes bonds and tentatively awards construction contracts for multi‑million dollar wastewater upgrades
Summary
City council approved bond ordinances, tentatively awarded two major wastewater construction contracts and authorized related limited‑tax bonds to cover ineligible SRF costs; projects are largely funded through the Clean Water State Revolving Fund and are shared cost allocations among East Lansing, MSU and Meridian Township.
East Lansing city council approved multiple actions Tuesday to advance a package of wastewater treatment and sewer‑collection projects totaling roughly $48.5 million in project costs and authorized related financing and contractor awards.
Council adopted an ordinance authorizing revenue bonds (series 2025) in an amount not to exceed $46,000,000 to fund improvements to the city’s wastewater treatment and collection systems; the ordinance contains an amended findings paragraph addressing covenant tests on historical net revenues. City financial advisers indicated the projects will be financed in part through the Clean Water State Revolving Fund (CWSRF) program at a subsidized interest rate (about 2.5%)…
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