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Council authorizes revenue anticipation note to secure lead service line grant
Summary
Council authorized a revenue anticipation note up to $158,000 that allows the city to receive a matching grant for a lead service line replacement program; staff said the loan is interest-free and will be repaid from water-utility revenues within the fiscal year.
City council approved a revenue anticipation note to enable the city to participate in a Missouri Department of Natural Resources lead service line replacement funding package that combines a grant and a direct loan.
Staff told the council the program is structured as two parts: a no‑interest loan (the note) and a grant. For the purpose of the authorization the city agreed to a not‑to‑exceed loan amount of $158,000; if the project comes in under budget both the loan and grant amounts would scale proportionally. The loan is intended to be repaid from water‑utility revenues before the fiscal year ends, and staff said the loan is necessary to unlock a grant component of about $102,500.
Council moved to approve council bill 2024‑27, authorizing the revenue anticipation note and related documents needed to finalize the grant and loan agreement. Staff said the city is not currently financially dependent on the loan for cashflow but must enter the loan arrangement to receive the grant funding.
