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Buckner aldermen approve lease to fund wastewater treatment upgrade
Summary
The Board approved second reading and adoption of ordinance 1099 (bill 2504), authorizing an equipment lease-purchase to fund installation of a reed-bed system at the city wastewater plant; board discussion referenced a conditional approval limit not to exceed $685,000 and a 5.06% financing example.
The Buckner Board of Aldermen approved second reading and adoption of bill 2504, ordinance number 1099, authorizing the city to enter an equipment lease-purchase agreement to pay for installing a reed-bed system at the municipal wastewater treatment plant.
The chair read the ordinance and the board made a motion to approve. The ordinance was approved on a voice vote.
Finance staff told the board they had received an amortization schedule and provided preliminary numbers to the aldermen. During discussion the chair said he would give conditional authority to sign loan documents if terms were in the approximate range presented — "assuming that it's in the 5.06 range and 600 not to exceed $685,000," he said — and finance staff confirmed they would circulate the payment schedule and amortization chart.
The chair framed the project as necessary to avoid future sewer overflows as the community grows: "If we're going to have 130-something new houses, we don't want stuff backing up in our basements or what have you," he said, calling the improvement a community benefit.
What happens next: finance staff will provide the full amortization schedule and loan documents; the city will execute the lease-purchase documents consistent with the board's conditional authority and proceed with procurement and installation of the reed-bed equipment.
