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Norwalk council approves street rehab plan, private stormwater policy and IRS rebate payment
Summary
Council approved a set of routine resolutions Oct. 16: an IRS arbitrage rebate payment tied to 2021 bonds, a resolution to order construction and take bids for the Legacy Area street rehabilitation, and a private stormwater improvements policy that caps city participation at $20,000 per project.
Norwalk — At its Oct. 16 meeting the Norwalk City Council approved several resolutions addressing capital maintenance and municipal finance.
Finance staff explained an IRS arbitrage rebate obligation tied to the city's 2021A general obligation bonds. Jean said the bonds earned interest in the market over the life of the projects; the IRS requires…
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