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Anderson approves SRF loan to finance water‑system improvements; council cites $209,000 annual debt service
Summary
The council adopted the Tenth Supplemental Bond Ordinance (25‑11) to borrow through the South Carolina State Revolving Fund for waterline projects in Wellington Mills and East Market Street; staff said annual debt service is about $209,000 over a 20‑year term at 2.3%.
Anderson City Council voted unanimously to adopt the Tenth Supplemental Bond Ordinance (Ordinance 25‑11) on second and final reading, authorizing borrowing through the South Carolina Drinking Water Revolving Loan / Water Quality Revolving Fund to finance waterline improvements in Wellington Mills and the East Market Street area.
City staff (Miss McKeown) described the financing terms: a 20‑year amortization with annual debt service estimated at $209,000 and payments projected to begin in October 2026 at an interest rate of about 2.3 percent. Council asked how many customers would be served; staff estimated “definitely in the hundreds” in the affected neighborhoods and confirmed the city intends water rates to fund the debt service.
Councilmembers discussed the city’s approach to ‘layering’ borrowing for multiple utility projects so assets are paid over their useful life. Staff said the city will pursue SRF funding where available and use other financing where SRF is not an option.
The motion to adopt the ordinance passed unanimously. Staff listed next steps to finalize SRF loan documents and proceed to project implementation.
