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Trappe council introduces $1,141,000 bond measures to pay for sewer pumping station work
Summary
The Trappe Town Council introduced two related ordinances authorizing up to $1,141,000 in bonds and bond anticipation notes to finance repairs and upgrades to sanitary sewer pumping stations; USDA and bond counsel reviewed draft language and a Dec. 4 public hearing is scheduled.
The Trappe Town Council on Nov. 6 introduced two ordinances authorizing up to $1,141,000 in borrowing to pay for repairs, upgrades and replacements of the town’s sanitary sewer pumping stations.
President Schmidt read the ordinance texts and Town Attorney Lyndsey Ryan said the measures have been reviewed in draft form by USDA and bond counsel. "These Ordinances have been reviewed in draft form by USDA and bond counsel is recommending that they are introduced tonight as the Town’s interim financing with Shore United is set to expire December 5th," Ryan said. The council voted unanimously to introduce Ordinance 5-2024 (bond issuance) and Ordinance 6-2024 (general obligation bond anticipation notes). A public hearing on both ordinances is scheduled for Dec. 4, 2024, at 5:45 p.m.
Council members said the ordinances respond to increased project costs for the pumping-station work and to the timing of the Town’s interim financing. Commissioner Jeremy Newnam moved to introduce Ordinance 5-2024; Commissioner Walter Chase seconded the motion and the introduction passed unanimously. Commissioner Newnam also moved to introduce Ordinance 6-2024; Commissioner Michael Sullivan seconded that motion and it passed unanimously.
Next steps: the ordinances will return to the Council after the Dec. 4 public hearing; the transcript records that USDA and bond counsel have already reviewed drafts, but no loan closing or final sale is recorded at this meeting.
