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Boone council advances multi-million-dollar water and sewer financing after public hearing
Summary
After a public hearing and citizen questions about tax impacts, the Boone City Council voted to institute proceedings on a $2.146 million general obligation note and approved a separate $1.3 million water revenue loan note to fund transmission, pump and treatment projects intended to support growth on the city’s east side.
The Boone City Council voted to move forward with financing for a suite of water and wastewater projects after a lengthy public hearing that included written and spoken citizen questions about tax impacts and financing options.
City Administrator Andrea described the short-term financing plan for part of the work, telling the council: "This is a 3 year bond, so it'll be paid off in 3 years using property tax levy." She also said the administration is not proposing a permanent increase to the tax levy and that the three-year structure avoids a longer-term capital fee that would otherwise be needed on a 20-year loan.
The measures under discussion included a not-to-exceed $2,146,000 general obligation…
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