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Council approves $32 million interim loan to preorder materials for water transmission main
Summary
Council adopted an amended ordinance authorizing a $32,000,000 Series A note to preorder long‑lead materials for a new 42‑inch water transmission main, with Fulton Bank selected and a 4.33% fixed rate reported in the financing summary.
Lancaster City Council voted Nov. 25 to authorize interim financing of $32,000,000 to fund preordering of long‑lead materials and support cash flow for construction of a 42‑inch water transmission main.
Councilor Arroyo, noting this is the project's second reading, said the interim loan is intended to ensure materials arrive on time so that construction can begin as scheduled. "Tonight is the second reading of this proposal to borrow $32,000,000 to preorder essential materials, enabling the project to start promptly," Arroyo said.
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