Olla officials adopt new budget

The Olla Town Council approved Ordinance 2020-006 to adopt the annual budget of revenues and expenditures for the fiscal year July 1, 2020 to June 30, 2021 and the amended budget for fiscal year July 1, 2019 to June 30, 2020 for the town of Olla during their regular monthly meeting last week. There were no comments at the public hearing.

The Council also approved the introduction of Ordinance 2020-007 to authorize the issuance of not exceeding $845,000 of taxable sales tax bonds (DEQ). Mayor Rhonda Elliott explained that the bonds are for the Clean Water State Revolving Loan for the lift station rehabilitation project including work on eight stations.

She said it is a low interest (only 0.95%) 20-year loan with 50% principal forgiveness, so the town is only responsible for $422,500 of the total cost. She added that on June 9 they had a bid opening for the fund, which involves the lift station renovations and the bid was awarded to Dixie Overland Construction. A public hearing is set for July 14 at 7 p.m.

 

 

 

 

 

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