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Clinton council approves postponement of large sewer‑loan principal payments to build fund balance
Summary
The Clinton City Council adopted amendments to two sewer‑revenue loan note agreements that push large principal payments from June 2026 into June 2027. City officials and financial advisers said the change will let the sewer fund build cash ahead of a large payment tied to industrial wastewater flows.
The Clinton City Council on Oct. 28 adopted resolutions to amend loan and disbursement agreements with the Iowa Finance Authority and to reissue the city’s sewer revenue capital loan notes series 2023A and 2023B, moving a planned large principal payment into June 2027 to allow the sewer fund time to build cash. Council member Oberyn introduced both measures and they passed on roll call.
Council member Oberyn said the adjustments were recommended by the Iowa Finance Authority and the city’s financial advisers at PFM and Ehlers to “build up bigger cash flow before we start making the big principal payment.” The amendments delay a substantial principal payment…
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