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Williston approves SRF loan resolution supporting $16 million WAWSA improvements
Summary
The commission voted 5‑0 to adopt Resolution 26‑006, authorizing an SRF loan agreement for Western Area Water Supply Authority (WAWSA) financing up to $16 million for Phase IX expansion; key terms including a 30‑year amortization and a $730,800 debt service reserve were presented.
The Williston Board of City Commissioners on Feb. 24 approved Resolution 26‑006 authorizing the city to enter into an agreement regarding a Drinking Water State Revolving Fund loan to support Western Area Water Supply Authority (WAWSA) improvements.
Finance Director Hercules Cummings summarized the loan package: a principal amount not to exceed $16,000,000 (Loan No. 257), an interest rate of 1.50% plus a 0.50% administration fee, and a 30‑year amortization schedule with final maturity on Sept. 1, 2056. The package includes a debt service reserve requirement of $730,800. The transcript records total principal and interest at $20,201,100 and a total cost including administrative fee of $21,601,467; the first interest payment is scheduled for March 1, 2026 and the first principal payment for Sept. 1, 2027.
Cummings said debt service will be paid from WAWSA “Net Revenue,” comprising residential, commercial and bulk water sales, and that member entities (including the city) provide secondary security through a reserve account covenant and a rate covenant requiring member contributions if WAWSA cannot meet a 110% net revenue threshold.
Per the minutes, WAWSA’s legal counsel Scott D. Wegner of Arntson Stewart Wegner PC supplied correspondence asking member entities to adopt formal resolutions and provide legal opinions to secure the financing. Commissioners voted 5‑0 to approve Resolution 26‑006 (mover: Brad Bekkedahl; second: Lucas Gjovig).
