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Allegan council authorizes sanitary and water revenue bonds to fund infrastructure projects
Summary
The City of Allegan on Jan. 26 authorized issuance of up to $10,040,000 in sanitary-sewer first-lien revenue bonds and up to $7,270,000 in water-supply first-lien revenue bonds, both with 20-year terms and interest not to exceed 7%; staff cited a $2.5 million MEDC grant for water improvements and next steps including a credit rating and bid process.
City of Allegan leaders on Jan. 26 voted to authorize the issuance of first-lien revenue bonds to fund major sanitary-sewer and water system projects.
Council adopted Resolution 26.02, authorizing sanitary-sewer bonds not to exceed $10,040,000 with an interest rate not to exceed 7% and a 20-year repayment schedule. Later the council approved Resolution 26.03, authorizing water-supply bonds not to exceed $7,270,000 under the same…
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