FINANCIAL_SERVICESAPPROVED

clarksburg-meeting-agenda-2024-11-21-pdf_4c8.pdf

WV Water Development Authority Provides $13M in Funding

$8,000,000 (principal for Series 2024 A Sewer Revenue Bonds); $1,500,000 (principal for Series 2024 B Forgivable); $4,165,000 (Economic Enhancement Grant)Clarksburg villageWEST VIRGINIA WATER DEVELOPMENT AUTHORITYNovember 21, 2024

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Description

Clarksburg City Council approved bonding and funding agreements with the West Virginia Water Development Authority totaling over $13 million for sewer and water system improvements. Actions include both traditional revenue bonds and forgivable loan components.

Contract Details

Contract Amount

$8,000,000 (principal for Series 2024 A Sewer Revenue Bonds); $1,500,000 (principal for Series 2024 B Forgivable); $4,165,000 (Economic Enhancement Grant)

Vendor

WEST VIRGINIA WATER DEVELOPMENT AUTHORITY

Agency

Clarksburg village, OH

Contract Type

FINANCIAL_SERVICES

Document Date

November 21, 2024

Contract Term

20 years (Series 2024 A, referenced as 2.75% interest, first payment June 2026); Series 2024 B - principal forgiveness annually; grants as disbursed

Renewal Date

2044-06-30

Renewal Info

Series 2024 A Sewer Bonds: 20-year term with payments starting June 2026; Series 2024 B principal amounts advanced forgiven annually on June 30. Grants are non-renewable, issued per project needs.

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