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Port Jervis council authorizes EFC financing for $20 million water system rehabilitation
Summary
The Port Jervis Common Council voted to authorize execution of a New York State EFC project finance agreement for a water system rehabilitation project, including an interest-free bond anticipation note of up to $10,070,350; details in the resolution specify conversion to long-term financing and related reporting requirements.
The Port Jervis Common Council on the evening of the meeting adopted a resolution authorizing the city to execute a New York State Environmental Facilities Corporation (EFC) project finance agreement to support the city’s water system rehabilitation project.
Councilmember Misty Fuller presented the resolution, saying, “the city's water system rehabilitation project for that total project cost of 20,000,000 has been approved by the New York State EFC for funding,” and described the procedural steps the city clerk and treasurer must take to execute the financing documents. The resolution, as read to the…
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