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La Plata adopts $7.56 million bond package to secure USDA loans for sewer Project 1
Summary
The La Plata Town Council on Aug. 12 adopted Ordinance 25-07 authorizing up to $7,562,000 in general-obligation bonds to secure two USDA loans for a wastewater infrastructure initiative called Project 1. The council and staff said debt service will be covered primarily by major facility fees and that the action does not change the town's tax rate.
La Plata Mayor and Town Council adopted Ordinance 25-07 on Aug. 12 authorizing two general-obligation bonds, not to exceed $7,562,000 in the aggregate, to secure United States Department of Agriculture loans for Project 1, a set of wastewater infrastructure upgrades that includes a Southwest Quadrant regional sewage pumping station, new 24-inch gravity sewer mains, 12-inch water reuse piping and treatment-plant module upgrades.
Town Manager Chuck Stevens told the council the bonds would be split into two issues, one up to $4,842,000 and the other up to $2,720,000, each amortized over 40 years with interest rates locked at up to 1.75% and 2.75% respectively. "The town is not…
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