Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Water Well 5 topic
No spam. Unsubscribe anytime.
Advisor outlines plan to raise $650K for Water Well #5; special meeting planned
Summary
U.S. Capital Advisors told Burton council the most viable way to obtain $650,000 to complete Water Well #5 is direct placement via a Certificate of Obligation or tax note; a special meeting will be scheduled to meet GLO grant timing requirements.
James Gilley of U.S. Capital Advisors told the Burton City Council the city needs $650,000 to finish Water Well #5 and outlined financing options. "Mr. Gilley is here to advise the City on how to obtain the $650K that is needed to complete Water Well #5," he told council, and recommended direct placement using a Certificate of Obligation or a tax note.
Mayor Karen Buck and council members agreed a special meeting should be scheduled urgently because of time limits tied to the General Land Office (GLO) grant program. The council's packet notes the GLO contract number for the Water Well #5 project as #24-065-042-E534 and indicates staff and the city's financial advisor have been exploring funding options.
The finance discussion followed updates from BEFCO Engineering and earlier conversations with the city's financial advisor. No formal financing decision was made at the regular meeting; council directed staff to convene a special meeting to finalize terms and comply with GLO deadlines.
