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Freeport approves interim financing with Renasant Bank for 2 MGD wastewater upgrade
Summary
Council awarded interim financing to Renasant Bank and ratified a resolution to close on interim financing for a planned upgrade of the wastewater treatment facility to 2,000,000 gallons per day.
The City of Freeport City Council voted to award interim financing to Renasant (Renaissance) Bank and approved a resolution to allow closing on that interim financing for a planned upgrade of the wastewater treatment plant to 2,000,000 gallons per day.
Finance staff told the council the project was taken to bid and two proposals were received; staff recommended awarding the interim financing to Renasant Bank and completing a resolution to permit closing while the city pursues USDA approval. "We start with the awarding, to Renasant Bank for the financing," the finance director said during the presentation; council members approved the award and then approved the related resolution.
Staff said bond counsel and USDA coordination will follow to secure notice to proceed. Council recorded the motions and voice votes; staff will move forward with application steps for SRF and USDA as described in the packet.
The council did not discuss specific construction-contract award amounts or detailed repayment terms in the meeting record; staff said two bids were received and a bid comparison sheet was included in the packet.
