City Set To Borrow $25 Million for Utility Upgrades

Fairhope, Alabama 

Edited.

Update: Connecticut-based Webster Bank was subsequently selected by the city council for best terms and interest rate.

 

New CR 13 sewer line.

New Planters Pointe lift station.

WATER/SEWER EXPANSION CONTINUES

The city council is expected to borrow up to $25 million next month for continuing water and sewer system upgrades.  Options will be discussed during the next council work session (March 21).

An estimated 3% rate hike was just implemented and another is expected later in the year as well, after a consultant completes a rate study.

A RFP was issued for proposals from interested banks early last month; term is to be two years according to documents. 

The City of Fairhope (the "City") is requesting lending proposals to purchase the City's General Obligation Water and Sewer Warrant, Series 2024 (the "Warrant"), to be issued by the City for the purpose of financing the costs of various capital improvements to the City's water works plant and distribution system and sanitary sewer system (together, the "System"). 

 

SEWER SERVICE MORATORIUM ON SOUTH SIDE CONTINUES 

A 6-month moratorium on any new sewer service on the south side of town continues; another consultant's study is expected to be completed soon -- to recommend options for the city in that fast-growing area (CR32/Hwy 181).

  

Borrowing Resolution.