North Myrtle Beach City Council on Monday, March 21, passed second reading of an ordinance to approve the “Master Trust Indenture” for the Cherry Grove Dredging Project, which is a step forward in obtaining financing for the project.
The ordinance approves a Master Trust Indenture (MTI) for the Cherry Grove project financing, and 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.
According to the city release, 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 the Council. After that, financing can proceed to closing.
The current schedule has dredging occurring from November 2016 through April 2017.