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Council accepts first reading of sewer revenue bond ordinance totaling up to $4 million
Summary
The Town of Nutter Fort accepted the first reading of Ordinance 2024-09 to allow issuance of up to $1.5 million (Series 2024 A) and up to $2.5 million (Series 2024 B, including forgivable portions) in sewer revenue bonds to fund public sewer improvements; the motion passed unanimously.
The Town of Nutter Fort council accepted the first reading of Ordinance 2024-09 on Aug. 13, a measure authorizing up to $1,500,000 in Sewer Revenue Bonds Series 2024 A and up to $2,500,000 in Series 2024 B through the West Virginia SRF program, including forgivable components. Councilor Charlene Louk moved to accept the first reading and Councilor Karen Phillips seconded; the motion carried by unanimous vote.
If enacted, the ordinance would enable the town to issue revenue bonds to finance extensions and improvements to the municipal sewerage system and to execute required financing documents and a bond purchase agreement. The council did not complete subsequent readings or final adoption at this meeting; the item was advanced only as a first reading. Council members stressed the need to follow SRF program requirements and finalize terms before any sale is completed.
The ordinance text as read includes the specified maximum original aggregate principal amounts for the two series and references the West Virginia SRF Program. The council did not set a schedule for later readings at the Aug. 13 meeting.
