The Stanley Common Council met in a special council meeting Tuesday, Oct. 20, voting approve a $8 million in general obligation promissory notes as well as note anticipation notes to cover the time …
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The Stanley Common Council met in a special council meeting Tuesday, Oct. 20, voting approve a $8 million in general obligation promissory notes as well as note anticipation notes to cover the time gap between city project payouts and state reimbursement, largely related to the central water treatment plant and Maple Street.
The loan, approved with resolution 2026-006, will see the city borrow $8 million at an interest rate of 4.75 percent with maturity date of Nov. 1, 2029, callable after two years. The loan will retire a previous $4 million loan taken out last year for similar purpose, with the motion to approve Resolution 2026-006 passing unanimously after council discussion.
