Title
Resolution authorizing a loan in the principal amount not to exceed $6,385,500 for refunding Rural Development bonds
Body
SUMMARY:
As previously discussed, there are three Rural Development loans that would be refunded through a loan from the TML Bond Fund:
· Hwy. 70N waterline $1,648,406 @ 3% through 2050
· Cumberland Cove waterline $796,232 @ 3% through 2050
· Meadow Park Lake dam $3,902,418 @ 3% through 2050
These three loans would be refunded to 20 years outstanding at an interest rate of approximately 1.2%. The savings is estimated to be $2,400,000.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Adopt resolution for refunding bonds