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Council authorizes up to $15.5M bond for water system reconstruction
Summary
The Troy City Council approved a bond authorization of up to $15.5 million to finance reconstruction of the water supply/distribution system. Staff said the authorization is requested to meet grant application requirements and discussed backup power needs.
Council members voted 7-0 to authorize the issuance of $15.5 million in serial bonds to finance reconstruction of the city water supply and distribution system. Staff explained the resolution demonstrates local commitment and is often required by potential grantors as part of the application process.
Council members asked whether the city was certain it would receive grant funding and what backup power would look like; staff said the authorization is typically required to show readiness and that the project includes a large diesel standby generator (previous generator installed in 1999). Council discussed the relationship between bonds and potential grant awards; staff said the resolution allows staff to move forward with the paperwork required by grantors. The resolution passed unanimously.
