Grand Island board approves bond resolution to fund water meter replacement, authorizes up to $7.72 million in borrowing
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Summary
At its April 7 meeting the Town Board approved a bond resolution to finance a water system capital improvement project, including a water meter replacement program, authorizing borrowing not to exceed $7,720,000 and citing an estimated project cost of $6,720,000.
The Town Board of the Town of Grand Island on April 7 adopted a bond resolution authorizing a water system capital improvement project and the issuance of serial bonds in an aggregate principal amount not to exceed $7,720,000 to pay the estimated maximum cost of the project, identified as a 2025 water meter replacement program. The board also approved a prior resolution, after a public hearing, confirming the increase and improvement of the Town of Grand Island consolidated water district facilities related to the meter replacement project.
The public hearing on the meter-replacement project was opened and no members of the public came forward to speak; the board then closed the hearing and moved to adopt the enabling resolution. According to the resolution text read into the record, the estimated maximum project cost is $6,720,000 and the board authorized the issuance of serial bonds and short-term notes pursuant to the Local Finance Law, with the supervisor authorized to issue bond anticipation notes if needed. The resolution also allowed the cost to be offset by federal, state, county or local grants or other funds received.
Supervisor Marston and the clerk presented the statutory notices and motion language, and the board voted by roll call. Councilman Garcia, Councilman Tagati, Councilman Belida and Councilman Kilmer recorded aye votes on the meter-replacement resolution and on the subsequent bond resolution authorizing borrowing for the capital project.
The board did not set a separate timeline in the meeting record for meter installation or specify how grant or other offsets would be applied; those details were not specified in the materials read into the record. The board indicated the supervisor retains authority to manage the sale and issuance of bonds and short-term notes under the terms presented.
The board moved on to other business after completing the two resolutions related to the consolidated water district and the bond authorization.
