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Finance committee backs low-cost loan, $24.7M principal forgiveness for Blackwater CSO tunnel
Summary
The Lynchburg City Council Finance Committee voted Aug. 26 to support issuing $29.395 million in revenue bonds at 0.5% and to accept $24.705 million in principal forgiveness from state programs to fund the Blackwater combined sewer overflow (CSO) tunnel, completing financing for the city's largest capital project.
The Lynchburg City Council Finance Committee voted Aug. 26 to support a financing package for the Blackwater combined sewer overflow tunnel that pairs a low-interest loan with principal forgiveness from state programs. Tim Mitchell presented the proposal and answered committee questions.
Tim Mitchell said the city applied to the Virginia Clean Water Revolving Loan Fund to pay the remaining balance of the tunnel project and was awarded $54,100,000. "So there's another $25,000,000 that local sewer ratepayers will not have to pay because of the grant," Mitchell said. He told the committee the award includes $29,000,000 in a 25-year loan at a…
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