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Ravenswood advances first reading of sewer bond ordinance as council approves major project draws
Summary
Council advanced a sewer bond ordinance in first reading that described a Bond 1 borrowing cap of $3.5M (2.75% over 20 years) and referenced additional larger financing plans; the meeting also approved large water and sewer project pay draws.
The Ravenswood Common Council on April 21 took the first reading of a sewer bond ordinance outlining options for financing wastewater work and approved pay draws tied to ongoing water and sewer projects.
Councilor Todd Ritchie presented the ordinance reading. The transcript records Bond 1 as "borrowing amount not to exceed $3.5 million at an interest rate of 2.75% in term of 20 years," with the council describing a projected total near $5.2 million and citing funding estimates of roughly $2.7 million in loan proceeds alongside approximately $2.5 million in grants. The council also discussed a second financing description framed as two series of $15 million, noting state contributions and an earmark; figures mentioned in the record included $35.6 million from the state, a $3.5 million earmark and a state grant of $875,000.
Separately, the council approved Water Project draw 30 and Sewer Phase 2A draw 29. Examples recorded in the meeting include FAMCO $498,894.99 and Thrasher $22,780.00 for water work, with Pro Contracting $25,437.75, Thrasher $12,750.00, Bare Fencing $850.00 and MOVRC $5,100.81 recorded for sewer work.
The transcript records motions for these items as approved for the reading or payment; the meeting did not include detailed roll-call tallies in the minutes for those votes. Council staff were directed to provide financing details and ordinance text in advance of further readings.
