Commissioners introduce bond authorization for Depot Road waterline replacement

Chair (S1) told the board it would introduce Code Home Rule Bill 5-26 to authorize the borrowing needed for the Depot Road waterline replacement, a project that has previously appeared before the public works staff. "This would be the bond bill which will authorize the ultimate borrowing for this loan, $328,000," Chair (S1) said.

Under the funding plan explained by Chair (S1), the Maryland Department of the Environment (MDE) package would provide roughly a 79% grant and a 21% loan, meaning the users in that service area will ultimately repay the loan portion. The chair said introduction would occur tonight, the board would hold a hearing at the next meeting and — if the board takes action then — a 45-day referendum period would follow before closing. Commissioner (S4) asked about the interest rate; Chair (S1) said the MDE rate is set near market rates prior to closing and typically remains "pretty favorable." The board did not take final action at this meeting; staff said the item will return for a hearing and vote.