The City of Prescott plans to undertake Well #3 Improvements and expects to finance the Project on a long-term basis with financial assistance from Wisconsin’s Safe Drinking Water Loan Program, which requires issuance of tax-exempt bonds. Because the Bonds will not be issued prior to commencement of the project, Prescott must provide interim financing to cover costs of the Project incurred prior to receipt of the proceeds of the Bonds. A resolution presented to the Council for consideration states that it is necessary, desirable, and in the best interests of the Municipality to advance moneys from its funds on hand on an interim basis to pay the costs of the Project until the Bonds are issued. The Council will deliberate the Resolution at Monday evening’s meeting.
