Title
Approval of resolution for SRF Clean Water project
Body
SUMMARY:
The City applied for and received $1,950,000 in State Revolving Loan funds to fund I/I improvements in the wastewater system. There is also a 10% forgiveness (grant) of $195,000 associated with the loan so the actual loan will be $1,755,000. The anticipated interest rate is 1.61% for 20 years. They need to close this loan by the end of December.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Approve resolution