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Grover Beach Council approves private $5 million placement to fund wastewater upgrades
Summary
Grover Beach approved a private placement financing of up to $5 million to fund mandated wastewater infrastructure improvements. Council selected Webster Bank at a locked tax‑exempt rate of 4.425%; the obligation will be payable from wastewater enterprise revenues only.
Grover Beach’s City Council on Sept. 8 approved a private placement financing of up to $5,000,000 to pay for required wastewater infrastructure improvements, a move staff said will allow the city to proceed with planned construction within weeks.
The council voted unanimously to authorize execution of an installment purchase and conveyance agreement after presentations from municipal advisor Albert Pesche, placement agent Piper Sandler and bond counsel Cyrus Tarabi. Staff said the financing was structured as a direct (private) placement after competitive outreach to about 28 banks and six responsive…
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