Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure Finance topic
No spam. Unsubscribe anytime.
Lincoln Park council approves financing to finish citywide water meter project
Summary
Council approved an installment purchase agreement to finance the second stage of a city water‑meter installation. The project is about halfway done; staff estimated semiannual payments near $248,459.59 and said loan proceeds may be designated as tax‑exempt.
Lincoln Park's city council voted to enter an installment purchase agreement that will finance the second stage of the city's water‑meter replacement project, city staff said.
City manager (city manager) told the council the project was completed in two stages and the initial portion approved in January postponed some payments. "We're right now just about halfway through the project," the city manager said, and staff estimated semiannual payments of $248,459.59 depending on the final project cost and interest. The resolution designates the agreement as a qualified tax‑exempt obligation under Section 265(b)(3) of the Internal Revenue Code as reflected in the draft resolution.
The council approved the installment purchase agreement by roll call. The resolution names the city manager or the manager's designee as the authorized signer and authorizes use of loan proceeds to reimburse prior project expenditures under Treasury Regulation 1.150‑2. Council members voting in favor were Baer, DuPree, Nichols, Ross, Salcedo and Mayor Tobin.
Council members asked about the project timeline and resident compliance with meter replacement. The city manager said staff expect installations to continue through the end of the calendar year with a possible small amount of wrap‑up into the new year; about 6,500 of the 15,000 meters have been replaced so far. Staff also told the council they are finalizing an app that residents can use to view meter reads but have delayed rollout pending vendor follow‑up.
