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Crockett approves notices to seek Water Development Board financing for sewer and drinking-water projects
Summary
The joint Crockett City Council and CEIDC approved publication of notices of intent to issue certificates of obligation to pursue Texas Water Development Board funding for an $11.6 million sewer project and a $4.2 million drinking-water project, citing large principal-forgiveness grants and low-interest loans.
Crockett officials voted to publish notice of intent to borrow for major sewer and drinking-water upgrades after a presentation from the city’s financial adviser.
Ben Rosenberg, the city’s financial adviser, told the council the Water Development Board has approved two grant/loan packages: an $11.6 million clean-water (sewer) project with about $7.3 million in principal forgiveness, roughly $3.1 million at 0% interest and $1.1 million at below-market rates; and a $4.2 million drinking-water project with $1 million in principal forgiveness and a $3.2…
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