New $25 Million Utility Loan Deposited

Posted by Publisher on

Fairhope, Alabama

Greeno Road Smart Bank branch.

WATER/SEWER INFRASTRUCTURE NEEDS

The city council voted unanimously to borrow $25 million at 4.1 percent interest from Connecticut-based Webster Bank to continue current upgrades to the city's Water/Sewer system.

The two-year term loan was needed to resolve "cash flow" issues related to large expenditures for numerous capacity upgrades underway.

Revenue streams (including grants) can be irregular over the budget year, causing periodic shortfalls when paying for such large projects, according to Treasurer Creech.

This account will be used to make up those shortfalls: to be deposited in the city's account at Smart Bank with interest rate of 4.75 percent.

Water 5-year plan.

Sewer5-year plan.



Location: Fairhope, AL 36532, USA

Comments

Allen said…
Seems funny that the city’s money is in the newest bank in town. All the banks that have been in fairhope for years and they get a loan out in Connecticut and then store in a bank that’s been here for a year. Seems legit. No underhand stuff here. Move along.
Friday, April 19, 2024
Anonymous said…
city deposits money where interest is highest.
Saturday, April 20, 2024
Anonymous said…
Say Hell no to any water expansion loans or projects for the run away city council .
Saturday, April 20, 2024
Anonymous said…
Any other time this would seem okay. This is not any time. Brics is starting this fall. The US Petro $ will be refused by Majority of world. At present 50x1. What does any logical person think will be result? So when everything crashes what rabbit will the council pull out of the hat. Because this info is well known.
Saturday, April 20, 2024
Anonymous said…
yay! More water for the peeps!
Saturday, April 20, 2024
Anonymous said…
How is it that council is doing a good job ? When we have endless development the taxpayers are forced to provide for. Borrow millions on the eve of $ crash. " Nuts " Doing a good job would be prep to shield Fairhope from economic harm instead of endless spending and borrowing.
Sunday, April 21, 2024
Anonymous said…
Y'all wouln't want to live in a place that is not growing either.
Sunday, April 21, 2024
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