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Council authorizes notes to support Basil Western Road improvements
Summary
Council approved an ordinance authorizing the issuance of notes in anticipation of bonds to finance Basil Western Road improvements under an intergovernmental agreement; city's share of debt service is expected to be about 39%.
Law Director Thad Boggs briefed council on an ordinance authorizing the issuance of one or more series of notes in anticipation of bonds for Basil Western Road infrastructure improvements. Boggs said the financing is part of an intergovernmental agreement among the city, Fairfield County, the Fairfield County Transportation Improvement District and the Fairfield County Port Authority.
Boggs told council the county will enter a state infrastructure bank loan and issue bonds; the city has committed to roughly 39% of the debt service and the county asked the city to issue anticipatory notes to evidence its obligation so the county can price bonds and close its loan. "The way that financing will work is that the county is entering into a state infrastructure bank loan, and also issuing bonds to finance those road improvements," Boggs said. Council voted to waive second and third readings and adopted the ordinance to keep the financing process on the county's schedule.
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