The Greenville City Council has passed an ordinance to authorize the issuance of up to $4.85 million dollars in a sewer revenue bond.
The city has received a loan from Rural Development to install sewer service to locations in Greenville currently without sewer.
City Manager Dave Willey told WGEL that even though the Rural Development website and literature calls it a loan, it is a loan that is backed by a bond. The City of Greenville is the issuer for that bond. Willey said the city will borrow the money at a very reasonable interest rate on a 40 year loan. Customer usage will repay the funds.
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Willey said the interest rate on the bond could be below 3 percent. According to the ordinance approved by the council, the total estimated cost of the project is $4.85 to $4.9 million dollars.