Gloucester supervisors voted 6-1 to approve a financing option from Bank of America for the approved Advanced Metering Infrastructure or AMI project during its Tuesday meeting in the colonial courthouse.

The more than $3 million dollar project will see that homes throughout the county have new smart meters installed to improve the tracking of county water and sewer use.

Ted Cole of Davenport and Company presented the board with three 10-year borrowing plans to fund the project. The plans were from the Virginia Resources Authority, Bank of America and J.P. Morgan.

A key difference in the three options is in funding security. The VRA plan would have seen the board add to existing collateral on the county’s courthouse that VRA is already a part of from a prior borrowing agreement. The J.P. Morgan proposal would have the board use water and sewer revenues for security. Bank of America would use the meters as collateral to secure the loan.

Another difference was in prepayment p...