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Council adopts administrative resolution to back sewer bond package if needed
Summary
Council approved an administrative resolution certifying availability of funds and authorizing the use of the general fund reserve, if required, to assure debt service on general obligation bonds for the MWIFA sanitary sewer extension project, allowing bond closing to proceed.
The Talbot County Council voted on Nov. 25 to adopt an administrative resolution authorizing the county to certify availability of funds and, if required, use the general fund reserve to make debt-service payments on general obligation bonds tied to the MWIFA-sanitary-districts Region 2 sewer extension project.
Finance Director Martha Sparks explained the county is assembling a funding package that combines grants, bonds and loan forgiveness through the Maryland Department of the Environment. Sparks said MDE requested additional assurance before closing and the administrative resolution provides that assurance; council members approved the resolution by roll call so the bond closing can be scheduled.
Council discussion did not include substantive changes to the resolution; staff said they do not anticipate needing to tap the reserve but that MDE requested the added assurance.
Next steps: once the resolution is on the books, staff will schedule the bond closing and proceed with project implementation.
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