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Carlin plans $4.3M revenue bond for water-main work after unexpected $1.6M grant
Summary
The City of Carlin told commissioners it has approval to issue a roughly $4.3 million general revenue bond private placement to USDA for a major water-main project but also received an unexpected INDEP grant of about $1.6 million that may reduce the amount issued.
Richard Braithwaite, city manager for Carlin, said the city has approved a general revenue bond private placement to USDA for about $4,300,000 to complete a major water-main construction project. He told the commission the city already pays about $12,100 annually on an older senior-center debt and now faces a larger capital project whose financing the bond would support.
Braithwaite said Carlin unexpectedly received an INDEP grant of roughly $1,600,000 and is drawing reimbursements, which may reduce the amount the city ultimately issues. He added the 40-year bond can be prepaid without penalty if additional grant funds become available; the city currently reports high debt-capacity availability (about 99% available).
