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Trappe approves bond ordinances and extends interim financing for sewer work
Summary
Council adopted Ordinances 5-2024 and 6-2024 authorizing up to $1,141,000 in bonds/notes for sewer pumping station repairs, and adopted Resolution 6-2024 to extend interim financing maturity while USDA funding is finalized.
The council adopted Ordinance 5-2024 (authorizing issuance and sale of up to $1,141,000 in bonds to finance sanitary sewer pumping stations and related improvements) on a unanimous vote (motion by Commissioner Jeremy Newnam; second by Commissioner Water Chase). The council also adopted Ordinance 6-2024 authorizing up to $1,141,000 in General Obligation Bond Anticipation Notes (motion by Commissioner Newnam; seconded by Commissioner Rose Potter), also approved unanimously.
President Schmidt read Resolution 6-2024, which authorizes a Note Modification Agreement with Shore United Bank related to an existing General Obligation Bond (principal $1,376,000) and a General Obligation Grant ($599,500), of which $435,121.71 had been drawn from the BAN. Attorney Lyndsey Ryan explained the resolution extends the interim financing maturity by six months because USDA funding is approved but not yet in place before the current loan maturity. Commissioner Newnam moved to adopt Resolution 6-2024; Commissioner Water Chase seconded and the motion passed unanimously.
