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Reading council adopts $1.611 million revenue bond for water-supply improvements
Summary
The Reading City Council on Aug. 13 adopted Ordinance 2024-03 authorizing $1,611,000 in revenue bonds to fund water-supply improvements tied to the MELS project; the 40-year bonds carry interest not to exceed 2.375% and the move is described as a step toward USDA loan closing.
The Reading City Council voted unanimously Aug. 13 to adopt Ordinance 2024-03, authorizing the issuance and sale of revenue bonds totaling $1,611,000 to finance acquisition, construction, furnishing and equipping improvements to the city’s water supply.
The ordinance, moved by Councilor Penney and seconded by Councilor VanCamp, specifies a 40-year term with an interest rate not to exceed 2.375% per annum. The roll-call vote recorded Councilors George, Matz, VanCamp, Penney and Mayor Matthews as voting yes; there were no nays.
Council minutes state the bond ordinance is a step necessary for closing a USDA loan connected to the MELS project. City staff indicated the funds will support planned upgrades to the water system; the minutes note the ordinance authorizes revenue bonds to be paid over a 40-year schedule in the stated amount.
The adoption clears a formal requirement ahead of the USDA loan closing; the minutes say the city’s portion of funds for the MELS project will be deposited in the USDA/MEDC checking account prior to loan closing. No amendments to the ordinance were recorded in the minutes. The council took the vote during the regular meeting and the motion carried 5-0.
