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Council authorizes Penvest bid solicitation and agrees to explore a joint municipal water authority
Summary
With Penvest funding in place, the city authorized solicitation of bids for Phase 1 construction and discussed long-term water-fund governance; staff recommended exploring a joint municipal authority with neighboring townships to share governance and rate-setting and council voted to pursue discussions.
City staff reported that the Penvest-funded Phase 1 project has received DEP permits and that Penvest funding is in place. The city engineer explained that as borrowing proceeds, water fund expenditures (excluding debt service) are projected to grow by about $100,000 per year and cited existing debt instruments that affect upcoming years’ budgets. He said Penvest funds are disbursed by reimbursement, requiring interim financing…
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