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Ripon council authorizes sale of up to $566,962 in water‑system bonds to fund Hamburg Henny project
Summary
Council approved a resolution authorizing issuance and sale of up to $566,962 in water‑system revenue bonds as part of a financing package for the Hamburg Henny water project that combines CDBG, principal forgiveness and low‑interest loan terms.
The council approved a resolution to authorize issuance and sale of up to $566,962 in water‑system revenue bonds (Series 2026) to support eligible expenses in the Hamburg Henny water project.
City staff explained the financing plan combines nearly $1.7 million total project costs with multiple funding sources: Community Development Block Grant funding (CDBG) will cover a portion, approximately $188,988 is principal forgiveness through the Safe Drinking Water Loan Program, and the remaining up to $566,962 will be a low‑interest loan at about 1.485%. Staff said this layering of grants and low‑interest support reduced the local borrowing need and made the project more affordable.
Council moved and seconded the resolution and took a roll‑call vote. The transcript records affirmative votes from council members named during roll call; the resolution passed and staff indicated the bond closing will proceed in about two weeks, after which required paperwork will be completed.
Staff urged continued application to the program for future projects if principal forgiveness remains available and said this community received principal forgiveness in part because the state prioritized additional funds.
