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Missoula County approves and signs closing documents to buy Wye water system
Summary
Missoula County commissioners voted to approve and sign closing documents for the purchase of the Wye water system. The staff presentation listed a sale price of $5,225,000 and a total of $5,227,765.62; financing will include bond issuance and a funded debt service reserve.
Missoula County commissioners approved and signed closing documents for the county's purchase of the Wye water system on a voice vote.
County staff presented the closing package and the buyer's disbursement, saying, "These are the closing documents from the title company that include, kind of the buyer's disbursement that lists out all the fees." The staff member read the sale price as "$5,225,000" and said the escrow, title insurance and recording fees were about "$1,800," for a "grand total of $5,227,765.62." Staff said the county would fund the transaction the next day and that bonds to finance the purchase were scheduled to be issued on Thursday.
The staff member also described financing details: the county planned to fund a debt-service reserve of $457,000 and cited a cost of issuance of about $84,000, with a total borrowing figure given as $5,780,000. A committee member said the county had a reimbursement resolution in place with a bank to advance money ahead of formal reimbursement.
A committee member moved that the board "approve and sign closing documents for the purchase of the Wye water system." The chair seconded the motion, called for further discussion and public comment, and when none were offered put the motion to a voice vote; members responded "Aye." The motion passed and the chair closed the item.
The meeting record shows staff committed to completing wire instructions and recording arrangements with the title company before funding the transaction.
