Riverton approves resolution to apply for $650,000 SRF loan for hydrovac truck
Get AI-powered insights, summaries, and transcripts
Sign Up Free
Summary
The city approved Resolution 15-26 authorizing an application to the Wyoming State Revolving Fund for up to $650,000 to purchase a hydrovac excavation truck; staff said 25–50% principal forgiveness is anticipated and the application is due Sept. 1.
RIVERTON, Wyo. — The Riverton City Council on June 17 approved Resolution 15-26 authorizing submission of an application to the Wyoming State Revolving Fund (SRF) for funding to acquire a hydrovac excavation truck for public‑works operations.
Public Works Director presented the staff recommendation and financing parameters: the city plans to apply for a $650,000 SRF loan administered by the Wyoming Office of State Lands and Investments, with anticipated principal forgiveness of 25–50 percent. Loan terms are described as 0 percent interest for up to 20 years depending on equipment life, and the SRF application and supporting materials are due Sept. 1. A public meeting is required before submission; staff said Engineering Associates is assisting with the application.
The council moved and adopted the resolution. Councilwoman Karen Johnson made the motion and Councilwoman Carla Borders seconded it. During discussion staff noted the loan may be repaid over the equipment life or earlier and that, split between water and sewer enterprise funds, the annual cost could be about $13,000 depending on final terms. The resolution also pledges the governing body’s support as required in the SRF application process.
Why it matters: A hydrovac truck is used for excavation around buried utilities and is intended to reduce risk and improve efficiency for water and sewer repairs. The city anticipates partial principal forgiveness, which would lower long‑term cost; the project will require a public meeting and final application by September.
Decision vs. discussion: The council approved the resolution to apply for SRF funds; no loan award was issued at the meeting. Staff will schedule the required public meeting and complete the application by the September 1 deadline.
Ending: With council approval the city will proceed to prepare the SRF funding application and plan the required public meeting; final funding and terms depend on the SRF program’s review and award process.