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Vero Beach council approves $55 million interim loan for water reclamation plant; extends boat-enforcement moratorium
Summary
The City Council approved a $55 million bond anticipation note to bridge funding for a new water reclamation facility and voted to extend a moratorium on enforcement for boat parking on residential lots for three months to allow staff to refine ordinance language.
The Vero Beach City Council voted 5-0 on Dec. 9 to authorize an interim financing instrument — a not-to-exceed $55,000,000 bond anticipation note series 2025 — to finance a new water reclamation facility and related costs, city staff said.
Jeff Pickering and other presenters had been scheduled earlier on the agenda, but city utilities staff led the financing discussion. Rob, introduced by the Clean Water Coalition presentation as the water and sewer department representative, told the council the loan would bridge the gap between grants currently on hand (about $37.5 million) and longer-term borrowing: “We're looking at borrowing $55,000,000 that should get us through till January 2027 between the grants that we currently have at 37 and a half million dollars,” he…
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