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Early council approves steps to advance municipal well project and retain financing advisers
Summary
The Early City Council voted to advance a proposed municipal well—approving a site, preliminary design and financing plans—and authorized retaining DA Davidson as financial manager and Dorsey & Whitney as bond counsel to prepare for borrowing.
The Early City Council voted Feb. 3 to advance a proposed municipal well project, approving a well-site selection, preliminary design and financing plans and authorizing staff to retain outside financial and legal advisers.
Council member Brian Pickhinke moved to proceed with the well project; Brandon Scadden seconded the motion, which passed with all ayes. The council also approved separate motions to retain DA Davidson as the project's financial manager and Dorsey & Whitney as bond counsel to support the financing process.
Wes Boyer of Bolten and Menk Engineering updated the council on site options. He said that if the primary candidate, "well site #2," proves unsuitable, a secondary location southwest of the baseball diamond has been identified as a feasible alternative. The council approved moving forward with preliminary design and financing planning to keep the project on schedule.
Mayor William Cougill and council members framed the decisions as preparatory steps; no final financing sale, borrowing amount or ordinance to issue debt was approved at the meeting. The council instructed staff to proceed with the adviser outreach and next design steps required before formal bond or loan documents are brought back for consideration.
The next related item noted in the meeting record is a May 7 meeting with Township Trustees to review a 28E intergovernmental agreement and the debt formula that would affect cost-sharing for the project.
