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Newton approves $1.9 million SRF loan offer for East 2nd Street sewer relocation
Summary
The Newton City Council unanimously accepted a $1.9 million funding offer from North Carolina's State Revolving Loan program for the East 2nd Street sewer relocation project; the package includes $278,440 in principal forgiveness, a 0% interest rate and a 20‑year term.
The Newton City Council voted unanimously Oct. 6 to accept a State Revolving Loan (SRF) funding offer to relocate the East 2nd Street sewer line.
Finance Director Vickie Thomas told the council the SRF package totals $1,900,000, including $278,440 in principal forgiveness, carries a 0% interest rate and spans a 20‑year repayment period; the loan requires a closing fee of roughly 2 percent (estimated at about $38,000). Mayor Pro Tem John Stiver moved to accept the offer, Council Member Ed Sain seconded, and the motion passed with all ayes.
The loan offer follows a City application submitted Oct. 2, 2018, to the North Carolina Department of Environmental Quality SRF program and review by the State Local Government Commission. City staff presented the funding documents and recommended adoption of the resolution accepting the funding offer and the related assurances.
Accepting the SRF offer authorizes staff to proceed with required closing steps and positions the city to begin relocation work on the East 2nd Street sewer infrastructure. The council took the action at the meeting and did not amend terms; the resolution and funding documents are filed with the City Clerk.
