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Platteville approves financing to assist up to 110 properties in lead service line replacement
Summary
Council approved Resolution 2409 to authorize bonds and a financial assistance agreement for the city's lead service‑line replacement program, covering up to 110 property owners with 75% principal forgiveness and a small loan portion to be repaid.
The Platteville Common Council approved Resolution 2409 authorizing the issuance and sale of up to $42,535 in taxable revenue bonds and approving a related $170,140 financial assistance agreement to support the city’s lead service‑line replacement program.
Howard (staff) described the program paperwork and said the $170,140 total covers up to 110 property owners. Under the program each participating property owner would receive 75% principal forgiveness (treated like a grant) and would repay 25% to the city as a loan; the $42,535 figure represents the total principal to be repaid on those loans. Howard also said the interest rate provided through the DNR program is one quarter of one percent.
Staff recommended approval of the legal and financial documents. A councilmember moved to approve the resolution and authorized the council president and city clerk to sign the agreement; the council voted in favor and the motion carried. The resolution authorizes the legal instruments needed to proceed with the program; actual disbursement to property owners will follow program procedures and application approvals.
