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Council accepts first reading of sewer revenue bond ordinance up to $4 million
Summary
On first reading, Council accepted Ordinance 2024-09 to authorize issuance of sewer revenue bonds—up to $1.5M (Series A) and up to $2.5M (Series B, forgivable)—to finance public sewer system improvements; the first reading passed unanimously.
The Town of Nutter Fort held the first reading of Ordinance 2024-09 on Aug. 13, 2024, which would authorize the issuance of sewer revenue bonds to finance extensions, additions and improvements to the town’s public sewerage system.
The ordinance as presented would allow issuance of up to $1,500,000 in original aggregate principal (Series 2024 A) and up to $2,500,000 in original aggregate principal (Series 2024 B, noted as forgivable) through the West Virginia SRF program, and authorizes execution of related financing documents and a bond purchase agreement. Councilor Charlene Louk moved to accept the first reading and Councilor Karen Phillips seconded; the motion carried by unanimous vote.
Council did not vote on final adoption at this meeting; the action recorded in the minutes is acceptance of first reading. Adoption would permit the town to proceed with bond financing subject to subsequent readings, required documentation, and any conditions in future motions or agreements.
