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Trappe approves bond anticipation notes to bridge sewer project financing
Summary
The council adopted Ordinance 6-2024 authorizing General Obligation Bond Anticipation Notes (BANs) up to $1,141,000 for sewer pumping-station projects; the ordinance passed unanimously after a public hearing with no comment.
Trappe Town Council on Dec. 4 adopted Ordinance 6-2024 authorizing the issuance and sale of General Obligation Bond Anticipation Notes (BANs) with a par amount up to $1,141,000 to provide interim financing for repairs and upgrades to sanitary sewer pumping stations. President Schmidt read the ordinance language during the public hearing; no members of the public spoke on the matter.
Commissioner Newnam moved to adopt Ordinance 6-2024; Commissioner Potter seconded and the motion passed unanimously. The ordinance authorizes short-term notes in anticipation of future bond issuance and describes disbursement of proceeds and levy mechanisms as set out in the ordinance text.
