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Brooklyn council adopts updated bond ordinance to enable SRF loan closing
Summary
The Brooklyn Town Council voted to adopt Ordinance 2026-3 updating the town's bond ordinance so the State Revolving Fund (SRF) loan closing can proceed; staff described a zero-percent SRF financing and cash-disbursement steps tied to two project divisions.
Brooklyn — The Town Council voted to adopt Ordinance 2026-3 Tuesday, updating the town's bond ordinance and clearing the way for a State Revolving Fund loan closing scheduled for June 30.
Council members said the ordinance modernizes the bond documents and updates an administrative signature line so the SRF closing will not be delayed. Staff emphasized the SRF financing is intended to cover construction across two project divisions; meeting remarks repeatedly described the SRF loan as a 0% interest financing and outlined a deposit that must be made before closing (the transcript records a deposit figure of $270,000). The transcript also references a loan amount spoken as "$7,77,000"; meeting speakers did not read back a clarified, standardized figure during the discussion.
Town staff described the cash-flow mechanics the SRF requires: certain disbursement requests must be submitted before closing, the town must coordinate transfers between division accounts, and several agencies must coordinate to move funds between Division A and Division B. Staff said using SRF financing instead of a private lender would eliminate long-term interest charges and could result in millions in interest savings compared with an open‑market loan that would carry market interest rates.
A motion to adopt Ordinance 2026-3 was made, seconded and carried by the council. Staff and bond counsel said adoption was necessary tonight to avoid holding up the SRF closing; the ordinance had been circulated to council members in advance.
Next steps: staff said there will be pre-closing SRF meetings (staff named attendees including town staff and SRF staff) and that they will distribute closing documents and a loan-closing schedule in the days ahead. The council did not request further amendments to the ordinance during the vote.
(Reporting note: the transcript records monetary figures with inconsistent formatting; the article flags the transcript-quoted figures and notes where staff did not verbalize a standardized dollar amount during the meeting.)
