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Finance committee approves interim loans for multiple New Bedford water projects
Summary
The City of New Bedford finance committee voted 10-0 to approve interim loan financing through the Massachusetts Clean Water Trust and related drinking-water trusts for a series of wastewater and drinking-water projects, including Buttonwood Brook, Sasququin Pond and Quitticus Water Treatment Plant improvements.
The New Bedford City Council Committee on Finance voted unanimously Thursday to approve interim loan financing for several Massachusetts Clean Water Trust and MassDEP SRF projects, funding stormwater, wastewater and drinking-water infrastructure across the city.
John Taxiarco, the city treasurer and collector, told the committee the short-term loans are available to the city at 0% interest and that the long-term loans will carry a 2% rate. "The short term loans are available to the city at an interest rate of 0.00%, and the long term loans will be at a rate of 2.00%," Taxiarco said while presenting the loan numbers and amounts to the committee.
The loan package covers multiple previously authorized borrowing orders. Taxiarco read loan numbers and amounts tied to projects included under prior loan orders: CWP2324 and CWP2324A (Buttonwood Brook phase 2 improvements) for $4,158,630 and $671,370; CWA2355AMP (asset management program) not to exceed $111,500; CWP2326 and CWP2326A (Sasququin Pond improvements) for $1,827,308 and $333,450; and portions of…
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