Boone County Terminates Loan Agreement with SD1
At the September 24, 2019 Fiscal Court meeting, the Boone County Fiscal Court voted unanimously to terminate the 2016 Hebron Sanitary Sewer Loan Agreement with SD1 at their request. A letter from SD1 Executive Director, Adam Chaney outlined that the agreement is no longer necessary.
In 2016, this agreement was executed at a critical time when the Hebron area was nearing sewer capacity and SD1’s financial resources were limited. In lieu of a moratorium on new development, the Fiscal Court voted unanimously to enter into an agreement with SD1 to provide capital funding to upgrade the Hebron sewer system and provide additional sewer capacity. The loan agreement stipulated full repayment with interest by SD1, from sewer connection fees resulting from new development.
Since 2016, many positive changes have occurred at SD1 improving its overall financial health. SD1 never activated the loan from Boone County and last week, the SD1 board of directors voted to terminate the agreement altogether.“I am so pleased that SD1 and Boone County have reached this conclusion. Without the Fiscal Court stepping up when we did, the Hebron community would have exhausted all available sewer capacity and economic development would have come to a halt. The taxpayers should be very pleased that our commitment avoided a building moratorium and yet not one dollar was spent,” stated Judge/Executive Gary Moore