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Nutter Fort council approves supplemental, draw and sweep resolutions for bond administration
Summary
Following the bond ordinance adoption, the council unanimously approved a supplemental resolution, a draw resolution to pay invoices from bond proceeds, and a sweep resolution for automatic payments to the Municipal Bond Commission to implement bond administration.
After adopting the sewer revenue bonds ordinance, the Town of Nutter Fort council approved a package of administrative resolutions to implement the financing. Councilor Charlene Louk moved to approve a Supplemental Resolution related to the bonds; Councilor Karen Phillips seconded and the motion passed unanimously.
The council also approved a Draw Resolution authorizing payment of invoices from the bond proceeds and a Sweep Resolution to enable automatic payments to the Municipal Bond Commission. These votes, each carried unanimously, establish the mechanics for handling bond disbursements and payments under the financing plan.
