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Council tables $370,000 sewer revenue note after questions about financing and process
Summary
Councilors debated replacing a lease with a $370,000 general-obligation sewer revenue note to pay for a delivered sewer camera. Underwriter concerns about audit collateral prompted the funding shift; council voted to move the item to the next committee-of-the-whole for more information.
City staff told the council Oct. 28 that Huntington Bank's underwriters declined a lease arrangement for the sewer camera after reviewing the city's audit and collateral. As an alternative, staff proposed a $370,000 general-obligation sewer revenue note to finance the camera, with payments to be made from the sewer enterprise fund, not the tax…
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