Virginia City Council approves pledge backing Eveleth’s grant anticipation note for airport snow equipment after debate

The Virginia City Council voted 6–1 on Jan. 13 to approve a state and federal grant receipts pledge agreement intended to back a short‑term grant anticipation note issued by the city of Eveleth to finance snow removal equipment for the Eveleth‑Virginia Airport.

The pledge agreement would have each city in the joint airport authority—Eveleth and Virginia—commit anticipated state and federal grant receipts to the payment of the general obligation grant anticipation note Eveleth plans to issue, bond counsel said. "The grants are intended to be money from the state and federal government to be given directly to the airport authority," said Sofia Leike, bond counsel to the city of Eveleth. "This pledge agreement is sort of a belt‑and‑suspenders approach: once the grant money comes in and is deposited, those grant…