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Britt city says 2nd Ave NE sewer rehab will likely need bonding; financial review ordered
Summary
City Administrator Elizabeth Ibarra told the council the 2nd Ave NE sanitary sewer rehabilitation will likely require bonding and an obligation loan note estimated at $363,000; Speer Financial will evaluate whether current sewer rates can support the debt.
During its Aug. 6 meeting, the Britt City Council received an update on the planned sanitary sewer rehabilitation on 2nd Ave NE and was told the project will most likely require bonding.
City Administrator Elizabeth Ibarra reported the city will need to bond for the sewer project and said Maggie with Speer Financial will determine whether existing sewer rates can support an estimated $363,000 obligation loan note. The council did not take a vote to bond at the meeting; the item was presented as a finance update and next step for analysis.
No timeline for a formal bond election or debt authorization was set during the meeting. Council members directed staff to gather the financial analysis so the council can consider formal financing options and potential rate impacts at a future meeting.
The matter affects sewer ratepayers and the capital plan; residents concerned about rates or project scope should watch for forthcoming analysis and any public hearing notices.
