(ATLANTIC) The Cass County Board of Supervisors approved a resolution authorizing the issuance of a General Obligation Urban Renewal Bond at their meeting this morning.
The loan agreement and issuance of $520,000 General Obligation Urban Renewal Bond from First Whitney Bank & Trust in Atlantic is for the Northwest Water and Sewer Line Extension project.
The principal of the bond will be paid in twenty annual installments in the amount of $26,000 each. The bond will bear interest at the rate of 3.35% from August 24th, 2011.
Cass Atlantic Development Corporation Director Russell Joyce appeared at the meeting this morning and said, “The Board of Supervisors really need to be commended for their efforts in this project. It has opened up some opportunities that didn’t exist before.”