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City to apply for 0% SIB loan to cover local share of SR‑682 rehabilitation
Summary
Council heard first reading of an ordinance authorizing a 0% State Infrastructure Bank loan (~$499,000 plus $2,000 origination fee) to cover the city's $500,000 local share for State Route 682 ramp rehabilitation; ODOT will replace aging ramp sections.
At first reading on Aug. 3, council reviewed an ordinance authorizing the service‑safety director to apply for a 0% State Infrastructure Bank (SIB) loan to cover Athens’ required local share for the SR‑682 major rehabilitation project. The loan amount discussed was $499,000 with a $2,000 loan origination fee to be charged to the streets fund. Council members said the item was paperwork to align local commitment with ODOT’s work to replace ramp sections nearing 50 years in service.
The ordinance will designate a repayment source (fund 589) and formalize the city’s participation in the state project; council reserved further action for a later meeting and did not suspend rules for immediate adoption at first reading.
