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County and Service Authority review $2.235M Lovingston sewer rehabilitation financing proposal
Summary
Nelson County staff reported a USDA/RUS financing package for a $2,235,000 Lovingston sewer rehabilitation project: $1,594,000 grant and a $641,000 loan at 2.25% over 40 years, with an annual cost of $24,384; the Service Authority has requested a nonbinding Support Agreement so the County can annually transfer $24,384 by appropriation to count as system revenue.
County Administrator Candice W. McGarry reported on a proposed financing package for a $2,235,000 sewer rehabilitation in Lovingston that aims to address sewage overflows and environmental problems.
Under the proposal from the U.S. Department of Agriculture's Rural Utilities Service, the project would be funded with…
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