By Chelsea Los
Turkey Creek Regional Sewer District called a short, special meeting for Monday evening, Nov. 12, to approve bond funding. For the past couple months, the board has worked toward funding and closing on bonds in the amount of $4.1 million.
To ensure the waiting contractors could get started before the ground is too cold, the district met Monday evening to finalize details and approve ordinance 2018-3.
Board President Rex Heil joined the brief meeting via Skype, so board member Jim Boone did the first and last readings of the newest ordinance. After approving and signing off, Jon Julian, rate consultant from Umbaugh and Associates, let the board know the funds should be wired and in the account by Wednesday afternoon. Timothy Woodward, district superintendent, said he would be waiting for the confirmation of funding before giving his contractors the green light.
The bonds will be funded by First Internet Bank with an interest rate of 3.8 percent. Last month, the district approved Julian to change up the way the bonds were issued due to a lack of bond rating for the district and to avoid the expense of bond insurance. Bond rating could not be granted due to the district’s last audit being from 2014. Since that info came to light, the district has since requested and scheduled an additional audit (due before close of 2018) to make future projects easier.
The board will meet again next at 7 p.m. Monday, Nov. 19, for the regular monthly meeting. Questions or concerns to discuss during public meetings should be directed to firstname.lastname@example.org prior to the meetings.