Belington City Council adopted a supplemental resolution to its water and sewer system revenue bonds Thursday following the resolution's third and final reading.
The resolution outlines the amount of the bond, its interest rate, payment cost and other terms attached to the borrowed funds. Attorney John Stump with Steptoe & Johnson presented the figures described in the resolution.
Stump said the total borrowed amount for the bond is $667,188 over a 40-year term at an interest rate of 1 percent. Monthly payments of $1,926.09 will begin in June 2015. The closing date for bond financing is Nov. 13.
"You will have money in the bank on Nov. 13," Stump said. "It will all happen by wire transfer. Nobody has to come to Charleston for the closing. We have taken and brought it all to you."
Belington City Council also approved two additional resolutions related to the projects. Council members approved a draw resolution for invoice payments from the bond money, which automatically authorizes the first draw of $145,209.13 on the loan.
Council members also approved a sweep resolution relating to automatic payments of the bond for the water tank project to the Municipal Bond Commission. That resolution allows the Municipal Bond Commission to debit the water and sewer revenue account, on behalf of the state lender, on the first of each month.