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Council approves $6 million Safe Drinking Water loan package to start waterline replacements
Summary
Council authorized acceptance of a $6 million Safe Drinking Water Revolving Loan Fund package — $3 million loan at 3.83% plus $3 million principal forgiveness — to begin replacement of identified asbestos, steel and lead-jointed waterlines; staff noted loan forgiveness depends on timely completion.
Director Kevin presented a funding package the city applied for through the Safe Drinking Water Revolving Loan Fund to replace aging waterlines identified in the master plan. The package totals $6,000,000: a $3,000,000 loan at an interest rate of 3.83% plus $3,000,000 in principal forgiveness if the project is completed on schedule. Staff estimated the requested funds would cover about half of the work needed in the master-plan list and described anticipated payment timing: an initial payment of $93,700 due Dec. 1, 2028, then regular payments beginning Dec. 1, 2029.
Councilor Jamieson moved to approve Resolution No. 2 authorizing the mayor to sign the loan documents; the council approved the resolution. Staff said the project will likely require contracting out major portions to meet timelines and secure forgiveness, noting city staff capacity and project constraints.
