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Brownton council OKs temporary financing for project

The Brownton City Council approved temporary funding for its utility and street project, which will pay bills until the long-term loan from the United States Department of Agriculture (USDA) Rural Development can be accessed.
The council met in a special session Thursday night with Shannon Sweeney of David Drown & Associates, the city’s financial consultant.
Sweeney said that while grant money for the project can be accessed as the bills come in, the long-term loan will not be available until the project is substantially completed.
Sweeney said the city already authorized about $580,000 in bonds last year to help cover engineering costs as the project was planned, and will now issue additional bonds to help cover costs until the loan funds become available.
The City Council passed five resolutions in regard to the temporary funding. Sweeney said the actual bond will be approved at the council’s June 5 meeting, with the hope to close the bond sale by June 19.