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Republic to pay off water loan this year; $15.55 monthly debt fee to remain
Summary
Clerk-Treasurer Nick Olsen told the council the city will pay off a long-standing water loan later this year; extra payments have saved roughly $625,000 in interest and the $15.55 monthly debt fee on metered accounts will continue.
Clerk-Treasurer Nick Olsen told the City of Republic council on April 20 that the city will pay off its outstanding water loan later this year. Olsen said the original principal was $1,589,850, with payments that began in 2007 and were scheduled to run through 2045. He said extra payments in recent years have saved the city more than $625,000 in interest.
Olsen also said the $15.55 monthly debt fee applied to every metered water account will remain in place to help pay down additional loans early and reduce overall interest costs.
The council heard Olsen's report as part of department updates; no formal vote on the fee was recorded in the minutes.
