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Peosta extends maturity date on water planning loan to preserve SRF drawdown
Summary
Council approved a resolution extending the maturity date of the city's water revenue loan/disbursement anticipation note so the city can continue drawing on the SRF planning/design loan until construction financing is secured.
Peosta’s council approved a resolution extending the maturity date of the city’s water revenue loan and disbursement anticipation note for planning and design work on the water tower and related water project, allowing the city to continue drawing funds until construction financing is in place.
Staff explained the extension keeps the planning/design SRF loan available while the city finalizes design decisions (including water tower size) and moves toward letting and a construction SRF loan to replace the planning loan. The extension was prepared by bond counsel (Dorsey Whitney) and approved so the city can continue to use interest-free planning funds until it is ready to bid and start construction.
Council voted to approve the resolution.
What’s next: staff will continue design and move toward letting; when construction bids are received the city will seek construction SRF financing to retire the planning loan and fund construction.
