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Village of Rockland approves $1 million interim loan for wastewater plant
Summary
The Village of Rockland approved interim financing from River Bank for its wastewater treatment plant project: a $1,000,000 draw-down loan at 3.95% fixed interest with no payments due until August 2028 and no prepayment penalty.
The Village of Rockland on April 14 approved interim financing for its wastewater treatment plant (WWTP) project, authorizing a draw-down loan of $1,000,000 from River Bank with a 3.95% fixed interest rate and no payments required until August 2028.
The terms were discussed during a public hearing before the board voted on the measure. The loan is described in the record as a draw-down facility with no prepayment penalty. The public hearing was called to order by President Jon Hohlfeld and adjourned at 6:30 p.m.
Trustee Seth Hemmersbach moved to approve the interim financing and Trustee Penny Stock seconded; all board members voted in favor and the motion carried. The action provides interim capital to advance the WWTP project while longer-term financing or project milestones are finalized.
Board members and staff did not specify additional covenants, repayment schedule details beyond the August 2028 payment deferral, or whether the loan requires specific project milestones; those details were not specified in the record and will be determined in subsequent financing documents and staff reports.
Next steps noted in the meeting record: staff will proceed with the interim financing and bring any implementing documents to the board for future review as needed.
