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Malden Board approves $500,000 transfer to shore up water and sewer operations
Summary
The Board approved a City Council-authorized transfer of $500,000 from the Economic Development Fund to the Water/Sewer Operations & Maintenance Fund, intended to reduce debt and improve fund standing after recent rate increases.
The Malden Board of Public Works on June 2 approved the transfer of $500,000 from the Economic Development Fund into the Water/Sewer Operations & Maintenance Fund. City Administrator and Utility Director Jeff Mitchell reported that the City Council had already approved the transfer and Board President Clark Duckett said the move is aimed at getting the water and sewer debt down and returning the fund to good standing.
The action was taken after brief discussion of routine financials; the minutes record the motion (moved by Board Member Trinkler, seconded by Board Member Coleman) and state simply that the motion passed. The transcript does not record a roll-call tally, a repayment schedule or specific allocations of the transferred funds.
