Title
Resolution approving an application to Rural Development in the amount of $419,500 for the Catoosa water storage facility
Body
SUMMARY:
Approval is requested for the Mayor to sign all documents required to submit and execute an application in the amount of $419,500 to Rural Development for funding of the proposed 500,000 gallon water storage facility on Hwy. 127N. This request is being made due to the bid, which was approved June 9, being over the original loan amount.
The interest rate offered for the additional funds is 1.5% for 40 years. The first loan in the amount of $890,000 is for 40 years at 2.25%.
This item was previously approved; however, the City Clerk is asking for approval of attached document RUS Bulletin 1780-27.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Approve resolution