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Columbiana council accepts $4.475 million supplemental SRF loan for sewer project, warns debt service will rise
Summary
The Columbiana City Council voted to accept a $4,475,000 supplemental State Revolving Fund loan from ADEM to help complete a $15.1 million sewer improvement project and discussed the resulting jump in annual debt service and options to cover a projected shortfall.
The Columbiana City Council voted to accept a $4,475,000 supplemental State Revolving Fund (SRF) loan from the Alabama Department of Environmental Management (ADEM) to help complete a $15.1 million sewer improvement project.
At the meeting the council reviewed project costs, the city’s existing debt service and how the new SRF funding would affect annual payments. The city’s finance presentation said the overall project cost is estimated at $15,100,000, including about $14.5 million for construction, $531,000 for engineering and $128,000 for environmental services. The council was told the city currently has roughly $5.5 million in committed funding and that the newly approved $4,475,000 supplements that amount as part of a larger SRF…
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