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Council authorizes up to $32.268 million in sewer revenue bonds for USDA financing
Summary
Bond counsel told the council USDA requires issuing multiple bond series to cover the project; council introduced and adopted Ordinance 2025-5 authorizing sewer revenue bonds in an amount not to exceed $32,268,000 and authorized signatures as needed to close financing by the USDA deadline.
Bond counsel (via phone) explained that USDA financing for the sewer project would be structured as multiple series of bonds that together could total approximately $32,268,000, and that those separate series reflect how USDA allocates loan funds. Counsel said the ordinance as drafted authorizes issuance "in multiple series" and that additional closing documents might require signatures by the mayor, clerk and treasurer.
Council debated timing, reserve requirements and fixed interest rates for parts of the package; counsel advised that interest rates quoted would be fixed for the loans in question. After asking bond counsel questions by phone, the council introduced Ordinance 2025-5, dispensed with multiple readings and passed the ordinance by roll-call vote, amending the motion to authorize signatures as needed to finalize documents.
