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Suamico declares intent to use DNR loan program for Well No. 5 project
Summary
Trustees adopted Resolution 25,014 to declare official intent to reimburse expenditures from borrowing while pursuing a Wisconsin DNR Safe Drinking Water loan for the village's Well No. 5 project; Director Smith outlined loan advantages and program limits.
The Village of Suamico Board of Trustees unanimously adopted Resolution 25,014, declaring the village's official intent to reimburse expenditures from borrowing while pursuing funding through the Wisconsin Department of Natural Resources Safe Drinking Water Loan Program for the Well No. 5 project.
Director Smith told trustees that "this loan offers reduced interest rates and potentially some principal forgiveness for those that qualify." He said the village plans to use impact fees to advance work before the loan takes effect and that the loan program generally offers interest rates approximately 2–2.5 percentage points below market when funding is available. He cautioned the funding is not guaranteed because the state has a limited pool and program increases require approval by the full legislature after a recommendation by the joint finance committee.
Trustee Andrews moved to approve Resolution 25,014 and Trustee Neto seconded. The board conducted a roll-call vote and approved the motion 7–0.
Director Smith attached program information from the DNR to the board packet and noted that adoption of the resolution acknowledges the village's commitment to the application terms and conditions.
