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Preston council authorizes up to $32.27 million in sewer revenue bonds for wastewater project
Summary
The Preston City Council on July 28 approved Ordinance 2025-5, authorizing the issuance of sewer revenue bonds not to exceed $32,268,000 to finance the Waste Water Treatment Plant Project; the measure passed unanimously and the mayor was authorized to sign.
The Preston City Council voted July 28 to approve Ordinance 2025-5, authorizing the issuance of sewer revenue bonds in an amount not to exceed $32,268,000 to finance the Waste Water Treatment Plant Project. Attorney Stephanie Bonney, bond counsel for the project, presented the ordinance and summarized the bond package.
Clerk Linda Acock read the ordinance once in summary after the council dispensed with the three-reading rule. Councilmember Terry Larson moved to approve Ordinance 2025-5; Councilmember Todd Thomas seconded and the council voted unanimously to adopt it. The council then authorized Mayor Dan Keller to sign the ordinance documents.
The ordinance was presented as a revenue bond issuance tied to the wastewater treatment project; the council record does not specify interest rates, repayment term lengths, or the anticipated bond sale date. Attorney Bonney described the ordinance as the authorization step for issuing the bonds with further financing details to be worked out by bond counsel and staff.
Next steps noted in the meeting record are administrative: preparing documents for signature and drafting any required closing materials. No public opposition to the bond authorization was recorded in the meeting transcript.
