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Stanwood council approves bonds, loan resolutions to fund water and sewer projects
Summary
Across 2020 the council approved multiple financing measures including $277,000 sewer and $402,000 water improvement bonds in April and a $600,000 General Obligation Corporate Purpose note later in the year to fund WWTF and Preston Street sewer work.
The Stanwood City Council approved a series of bond and loan resolutions in 2020 to fund sewer and water system improvements, including the wastewater treatment facility (WWTF) and the Preston Street sewer extension.
On April 13 the council held public hearings and approved Resolution 2020-10 authorizing a $277,000 General Obligation Sewer Improvement Bond, Series 2020, and Resolution 2020-11 authorizing a $402,000 General Obligation Water Improvement Bond, Series 2020. No written or oral objections were recorded and both resolutions passed by roll call votes (all ayes).
In late summer and early fall the council advanced a larger borrowing plan to support ongoing infrastructure work. On Aug. 13 the council approved setting a public hearing for a General Obligation Corporate Purpose loan agreement not to exceed $600,000. At the Sept. 14 meeting the council adopted Resolution 2020-22 authorizing a $600,000 General Obligation Corporate Purpose Note and the related notice to award the Preston Street sewer extension contract to Boomerang Construction.
Minutes show the financing measures were approved by formal motion and roll-call voting with no recorded objections. The minutes tie the loan and bond resolutions to specific projects: repairs and upgrades at the wastewater treatment facility, replacement work associated with the Preston Street sewer extension, and related capital improvements.
Next steps: With financing authorized, the council proceeded with contract awards and construction notice-to-proceed actions; the council continues to approve pay applications and change orders as the projects move through construction and completion.
