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Council authorizes up to $4.048 million in SRF notes for sewer revenue capital loan to complete RWF expansion
Summary
A resolution to authorize issuance of taxable sewer revenue capital loan notes not to exceed $4,048,000 passed; council discussion tied the financing to a regional wastewater facility expansion and an industrial waste agreement with ADM.
The Clinton City Council on May 27 adopted a resolution instituting proceedings to authorize a loan and disbursement agreement and issuance of taxable sewer revenue capital loan notes not to exceed $4,048,000.
Council member Davis told colleagues the borrowing is intended to complete a regional wastewater facility (RWF) expansion tied to an industrial waste project in concert with ADM. Davis stated the overall agreement between the city and ADM is "not to exceed a hundred and $35,000,000," and that an initial SRF borrowing of about $130 million had been taken; the additional roughly $4 million is intended to carry the project through completion of the industrial waste expansion.
The resolution was moved by Council member Davis, seconded, and passed on a roll call vote. The council did not amend the amount in the meeting record.
The measure authorizes the city to move forward with the SRF financing steps required to issue the notes; specific financing terms and closing steps were not detailed in the public record at the meeting.
