By WBTW News Staff
(NORTH MYRTLE BEACH, SC)
North Myrtle Beach City Council passed second and final reading Monday on an ordinance to approve a “Master Trust Indenture” for the Cherry Grove dredging project.
According to a press release from city spokesperson Pat Dowling, the measure “authorizes the Mayor and City Manager to execute and deliver the MTI upon the issuance of the first series of bonds for the District this year. The ordinance establishes the mechanics for issuing and paying the bonds, and will be presented to financial institutions, which may have an interest in providing the financing. Once a lender has been chosen, the final details of the bonds will be set forth in a “supplemental Resolution”, which must also be approved by Council. After that, financing can proceed to closing.”
Council also passed a resolution for Mutual Aid agreements. According to the press release, this will allow officers from 16 jurisdictions to support law enforcement in North Myrtle Beach during Memorial Day Bike Fest events along the Grand Strand.