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Commission approves $37 million Clean Water Trust loan for wastewater work; one abstention
Summary
The Lynn Water Commission voted to adopt a resolution authorizing a Clean Water Trust loan (commitment CW-2462) to finance phases of the city's combined sewer overflow and wastewater facility work. The loan totals $37 million before debt forgiveness; one commissioner abstained.
The Lynn Water Commission voted to adopt a resolution authorizing a Clean Water Trust loan under commitment CW-2462 to fund the next phase of wastewater and CSO (combined sewer overflow) work.
Ryan (staff member) told the commission that the trust had split repayment into two loan applications and that the first loan in front of the commission is for $37,000,000. He said the loan includes about $10,000,000 of debt forgiveness, reducing the effective financed amount and that the loan carries a roughly 2.2 percent interest rate over…
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