Wellington receives notice of roughly $6.9 million in SRF funding for meter replacement project
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Summary
Village staff said the meter replacement project — an approximately $11 million program to replace older water meters — has received a State Revolving Fund loan notice for about $6.9 million; the village must complete paperwork within 120 days and expects a later amendment to cover remaining funds.
Village staff updated council on the status of a broad meter replacement program and an associated State Revolving Fund (SRF) loan application. The program, described as roughly an $11 million meter-replacement effort, will replace aging meters across the village.
Staff said the village started the application process in February 2024 and had received notification of funding of approximately $6.9 million; paperwork and a legal opinion from the village attorney will be submitted as part of required loan documents. The village has about 120 days to complete the SRF paperwork, staff said, and expects the loan package to be amended in August to add roughly $4 million more to fully fund the program. A quarter-comment from staff noted the SRF loan’s first-quarter rate was about 1.18 percent.
Miss Pance explained the project will prioritize replacement of any water meter older than five years; she said most of the village’s meters were last replaced in February 2009 and that the type of meters being considered typically have a 10–15 year service life. Staff said they plan to examine phasing and long-range budgeting options to avoid a single large replacement in the future, possibly turning the work into an ongoing maintenance program.
Ending
Staff presented the loan documents and timing for council consideration; final loan acceptance and detailed schedules will follow the staff paperwork and subsequent council action.