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Monroe authorizes up to $20.5 million in utility revenue bond authority to fund sewer projects
Summary
The Monroe City Council voted to waive a second reading and approve an ordinance authorizing up to $20.5 million in water and sewer revenue bond authority to finance utility capital projects, primarily a biosolids treatment facility; council was told the bonds are revenue-secured and separate from general-fund debt.
MONROE CITY — The Monroe City Council on Oct. 14 voted unanimously to waive the ordinance second-reading requirement and to adopt an ordinance authorizing the issuance and sale of water and sewer revenue bonds in an aggregate principal amount not to exceed $20,500,000 to fund water, sewer and stormwater capital improvements.
City Finance Director Julie Elsom told the council the authority requested would support sewer capital projects and related utility needs. The council was told the city budget previously assumed bond proceeds in prior biennia and that a separate loan from the Washington State Department of Ecology that had been assumed in the budget was not received. Elsom said the action does not obligate the city to issue the full $20.5 million; it establishes the maximum authority for one or more series of revenue bonds.
Why it matters: The council…
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