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Centerville approves up to $2.4M interfund loan for Main Street waterline and awards construction and material bids
Summary
The council approved an interfund loan of up to $2.4 million from the capital projects fund to the water fund (10‑year term, 3.8% interest with triggers) to replace a failing Main Street water line and awarded construction and materials bids for the project to 3XL Construction and Ferguson Water Works.
Centerville’s City Council on May 5 approved an interfund loan arrangement to allow the city to replace a failing Main Street water main and simultaneously awarded construction and materials contracts for the project.
Finance staff explained the city faces an urgent Main Street water‑line replacement (Chase Lane to Jennings Lane) after a major leak that lost about one million gallons and cost over $100,000 in repairs. The water fund’s available cash (~$1.2M) is insufficient for the full project, so staff proposed a loan from the capital projects fund of up to $2.4M to cover the replacement costs.
Loan terms and safeguards
Staff recommen…
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