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Newton accepts $1.11 million SRP loan for West A Street sewer rehabilitation
Summary
Newton City Council adopted a resolution accepting a $1,112,696 NCDEQ State Reserve Loan to fund the West A Street sewer rehabilitation, increasing the loan from an earlier offer after revised bid estimates.
The Newton City Council on June 15 adopted a resolution accepting a revised North Carolina Department of Environmental Quality (NCDEQ) State Reserve Program loan of $1,112,696 to rehabilitate a sewer line along West A Street.
Finance Director Vickie Thomas reviewed the project’s funding history: the city applied in 2017 for an NCDEQ SRP loan to replace about 2,515 feet of 8-inch clay sewer and 11 manholes, submitting an original estimated project budget of $597,875. The SRP loan originally offered matched that amount (0% interest, 20-year term, 2% closing fee). After staff narrowed the project to the sewer rehabilitation portion and later received higher bid estimates, the Local Government Commission approved increasing the SRP loan to $1,112,696.
Thomas asked council to adopt the attached resolution accepting the revised loan and required assurances; Mayor Pro Tem John Stiver moved and Council Member Ed Sain seconded the motion, which passed unanimously. The adopted resolution and related ordinances are on file with the city clerk.
