FINANCIAL_SERVICESPENDING

city-of-morgan-meeting-minutes-2023-11-28_797.pdf

City Plans Bond Sale to Drinking Water Fund

Not to exceed $7,000,000, with up to 49% forgiveness (maximum $3,000,000)City of MorganDRINKING WATER REVOLVING LOAN FUND OF THE STATE OF LOUISIANANovember 28, 2023

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Description

Morgan City announced intent to issue up to $7 million in utilities revenue bonds, to be sold at private sale to the Louisiana Drinking Water Revolving Loan Fund with significant principal forgiveness. The bonds will finance water system improvements.

Contract Details

Contract Amount

Not to exceed $7,000,000, with up to 49% forgiveness (maximum $3,000,000)

Vendor

DRINKING WATER REVOLVING LOAN FUND OF THE STATE OF LOUISIANA

Agency

City of Morgan, LA

Contract Type

FINANCIAL_SERVICES

Document Date

November 28, 2023

Contract Term

Up to 30 years from date of bond issuance

Renewal Info

Bond term up to 30 years with interest rate not to exceed 2.45%, subject to future ordinance setting final terms. May be issued in series or installments.

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