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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 council, authorizes the issuance of a short-term, interest-free EFC bond anticipation note dated 05/29/2025 with a maximum principal amount of $10,070,350 and a maturity date of 05/29/2030, and directs the mayor (or councilman at large) and the clerk treasurer to execute the project finance agreement and any closing documents on behalf of the city.
The resolution text included that the overall project cost is $20,000,000 and referenced an EFC funding package that, as written in the resolution, includes grant funding and an interest-free EFC loan. The resolution further states that the bond anticipation note may be converted into long-term financing with a repayment schedule of up to 40 years at 0% interest, subject to changes by the EFC if the city's financial status changes. Council members voted to adopt the resolution by voice vote after a brief presentation; the council chair announced the motion carried.
Why it matters: the EFC financing, if drawn and converted as described, would provide the city a mix of EFC grant and loan proceeds to pay for water-system work that the resolution describes as a $20 million rehabilitation. The resolution requires the city to make requisitions to the EFC for costs incurred and to record all disbursements and principal payments in the chart attached to the bond anticipation note.
The council did not debate detailed line-item engineering scopes or a construction contract in the session; Fuller said the EFC funding package has been made available to the city. The resolution text included precise procedural dates (adopted 05/12/2025; agreement dated 05/29/2025) and an authorization for the clerk treasurer to execute required closing documents.
The council approved the resolution and reported it will appear in council financial records for implementation and reporting to the EFC.
