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Commissioners approve $968,011 bond package for Bedford Road Phase 7 sanitary project
Summary
The board approved Resolution 26-17 to close a two-part general obligation financing for the Bedford Road Phase 7 sanitary district project: Series A ($~484,006) is long-term debt and Series B ($~484,005) is described as a forgivable loan forgiven after 10 years; debt service is paid by users, not the general fund.
Commissioners approved Resolution 26-17, clearing the way for loan closing on financing for the Bedford Road Phase 7 sanitary district project.
Mister Bennett told the commission the financing is a two-part general obligation arrangement totaling $968,011, with Series A approximately $484,006 structured as 20-year debt and Series B (about $484,005) described as a forgivable loan that will be forgiven after 10 years. He emphasized the debt will be paid by users of the sanitary system, not the county general fund. The project is roughly 50 percent complete, and staff asked for authorization to proceed to loan closing.
A motion to approve Resolution 26-17 passed by voice vote. Commissioners did not request further modifications during the meeting.
