Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
Trappe introduces $1,141,000 bond ordinance for sewer pumping station work; interim financing deadline cited
Summary
Ordinance 5-2024, introduced Nov. 6, would authorize up to $1,141,000 in bonds to fund sewer pumping station repairs and related costs; USDA and bond counsel reviewed drafts and recommended introduction because the town’s interim financing with Shore United expires Dec. 5, 2024.
On Nov. 6 President Schmidt read Ordinance 5-2024 proposing the issuance and sale of up to $1,141,000 in bonds to fund repairs, upgrades or replacement of sanitary sewer pumping stations and other public improvements. Attorney Lyndsey Ryan told the Council the ordinance drafts have been reviewed in draft form by USDA and bond counsel and that introduction was recommended because the Town’s interim financing with Shore United is set to expire Dec. 5, 2024.
Commissioner Jeremy Newnam moved to introduce Ordinance 5-2024 and Commissioner Walter Chase seconded; the motion was unanimously approved and a public hearing was set for Dec. 4, 2024 at 5:45 p.m. The minutes do not record final sale terms, interest rates, or maturity schedule; those matters will be finalized as the financing proceeds and bond counsel provides final documents.
