Clinton adopts resolution to accept conveyance of B Branch water assets; closing likely delayed pending ANRC/financing

The Clinton City Council unanimously adopted a resolution authorizing the city to accept conveyance and transfer of assets from the B Branch Public Water Authority and empowering the mayor to execute the necessary documents.

City staff and legal counsel told the council the conveyance was agreed in principle and that closing timing depends on final ANRC financing documents and amortization schedules provided to bond counsel; staff said those items likely will push the closing beyond the August 31 ANRC date referenced in an offer letter. “ANRC set the date of August 31st in their offer letter,” staff said, and bond counsel advised the city will probably need an extension because critical amortization schedules and bond documents have not yet been supplied for review.

The resolution directs the mayor to sign warranty deeds, quitclaim deeds, assignments and bills of sale as needed to complete the transaction. Staff noted that some documents will be executed after B Branch completes its local approvals and that certain assignments will include assumption of B Branch debt as part of the transfer. Councilors asked about the volume of closing documents and staff confirmed there will be substantial paperwork and easements to record.

Councilors also discussed the relationship between the conveyance timeline and other utility work; staff said they will continue coordinating with ANRC and the city’s bond counsel to finalize documents and will return to council if additional approvals are needed before closing. The vote to adopt the resolution was unanimous among those present.