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Council to prepare loan application after rate adjustments; bond agent to assist
Summary
Staff and the bonding agent agreed town rates must be adjusted before a loan application; the bonding agent offered to review financial materials and noted a $10,000 minimum issuance fee payable only if a bond is issued. Staff will prepare documents for a September application and return with recommendations.
During the work session, staff and the bonding agent discussed procedural next steps. Mark Anderson said he could help review the financial portion of the loan application; he also emphasized that his minimum fee of $10,000 would only be billed if the town issues a bond. Council and staff agreed rates need to be revised before submitting an application in September.
Deputy Clerk Nikki Wolthuis recorded the meeting and noted no formal action or vote was taken; the council asked staff to continue due diligence on financing options and to prepare a recommendation and supporting documents for a future meeting. The items for follow-up include preparing the loan application, clarifying eligibility for State Drinking Water Division financing, and reviewing bond issuance contract terms.
