News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The City of Algood approved a resolution for the issuance of a water and sewer revenue and tax deficiency bond.
City Administrator Keith Morrison said that the resolution for the $1.89 million bond came from a review by the USDA.
“To get permission to go to bid from USDA they had to go through all of our documents,” Morrison said. “All of our easements, all of our legal sign-offs, all of our paperwork. Had to go through all of our bond resolutions. When they reviewed all of that, they sent some technical drawings back to our bond council saying ‘you have to get this and this and this fixed.'”
Morrison said that the city also has a state-revolving fund loan for another sewer project. He said that the USDA wanted language included in the bond that would ensure that the city was meeting obligations for both the bond and the loan.
Mayor Lisa Chapman-Fowler said that at the end of the day, the resolution was just cleaning up the language. She said that as it was already passed, the resolution was simply a book-keeping measure.
“This was requested by our bond council,” Chapman-Fowler said. “And as I understand it, and as I’ve read it, all that it does is just, it doesn’t obligate us for any more money, it just changes some of the verbiage and some of the language in the original.”
