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Council approves Ordinance 2024-09 authorizing up to $4 million in sewer revenue bonds
Summary
The Town of Nutter Fort unanimously adopted Ordinance 2024-09 on Aug. 27, 2024, authorizing up to $1.5 million in Series 2024A and up to $2.5 million in Series 2024B sewer revenue bonds to finance extensions and improvements to the town sewer system.
The Town of Nutter Fort Town Council unanimously approved Ordinance 2024-09 on Aug. 27, 2024, authorizing the issuance of sewer revenue bonds of up to $1,500,000 (Series 2024 A) and up to $2,500,000 (Series 2024 B) to finance extensions, additions and betterments to the town’s public sewer system. Councilor Karen Phillips moved to pass the second reading and Councilor Rick Lafferty seconded; the motion passed by unanimous vote.
The ordinance establishes terms and documents required to issue the bonds and authorizes execution of a bond purchase agreement. The action follows ongoing sewer work reported by staff, including a recent Sanitary Board Requisition #3 approval and engineering work on Phase IV. Town leaders did not specify an exact disbursement schedule or which specific segments of work will be funded by the bonds at the meeting. The council did not discuss an immediate bond sale date; next procedural steps were not specified at the session.
