FINANCIAL_SERVICESAPPROVED

Geary County Commission Meeting Minutes May 11 2026

USDA Rural Development Financing Approved for Sewer #4

$136,000.00 loan; $197,000.00 grant; $598,064.00 loan forgiveness; total construction cost $996,000.00Town of Smoky HillUSDA RURAL DEVELOPMENTMay 11, 2026

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Description

Geary County approved a financing package with USDA Rural Development for the Sewer #4 improvement project, including a $136,000 40-year loan at 2.875% interest, a $197,000 grant, and $598,064 in loan forgiveness toward the $996,000 total construction cost. The county executed the Loan Resolution, Request for Obligation of Funds, and Letter of Intent to Meet Conditions, with repayment planned through special assessments on platted lots.

Contract Details

Contract Amount

$136,000.00 loan; $197,000.00 grant; $598,064.00 loan forgiveness; total construction cost $996,000.00

Vendor

USDA RURAL DEVELOPMENT

Agency

Town of Smoky Hill, KS

Contract Type

FINANCIAL_SERVICES

Document Date

May 11, 2026

Contract Term

40-year note at 2.875% interest, rate locked until end of June 2026

Renewal Date

2066-06-30

Renewal Info

The USDA Rural Development loan is structured as a fixed 40-year note at 2.875% with no prepayment penalties; interest rate may be reduced if market rates decline before construction is completed.