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Cleveland council approves $10M clean‑water grant package and related certificates and loans
Summary
Council unanimously approved a three‑part financing package tied to a Texas Water Development Board award: a roughly $10 million grant/forgiveness award plus low‑interest and 0% certificates to fund a $16.8M project (project #73989); staff said debt service begins in 2027.
City council on April 21 approved a three‑part financing package tied to a Texas Water Development Board (TWDB) award that will fund a major water infrastructure project.
Financial adviser Joe Marorrow of Hilltop Securities told the council the TWDB funding for project #73989 included roughly $10 million in loan forgiveness (a grant component), $3,155,000 in 0% certificates of obligation repayable…
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