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Council moves to begin DEQ loan process for sewer work; lawyer says $4.5M available with partial forgiveness
Summary
The council considered Resolution 25161 to start a DEQ sewer revenue bond loan process for up to $4.5 million, with about $500,000 potentially forgiven and a 22-year term at roughly 0.95% interest; the city attorney's firm will apply to the state bond commission on the city's behalf.
The council considered Resolution 25161, declaring the mayor and council’s intention to issue sewer revenue bonds through the Louisiana DEQ in an amount not to exceed $4.5 million.
Andrew Jower of Foley and Udell presented the financing parameters: a maximum loan amount of $4.5 million, roughly $500,000 of which would…
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