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Arroyo Grande authorizes $1.43 million interfund loan to cover Lopez Lake litigation billing
Summary
City council approved a $1.43 million interfund loan from the general fund to the Water Enterprise Fund to pay Zone 3's FY 24–25 true-up bill tied to federal litigation over Lopez Lake operations; staff said the loan is a short-term fix while longer-term rate and financing options are studied.
Arroyo Grande's City Council voted unanimously Tuesday to authorize an interfund loan of up to $1,430,000 to the Water Enterprise Fund to cover a Zone 3 contract water billing tied to litigation over Lopez Lake operations.
The loan was proposed after Administrative Services Director Nicole Valentine told the council that on Nov. 1 the city received "the fiscal year 24, 25 zone 3 contract water billing for $1,426,491.50," an unplanned obligation that staff said would be difficult to meet without short-term financing. Valentine said staff reviewed five options — including rate increases, bank loans and bonds — and…
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