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Council backs proposed $300,000 interfund loan for 2026 Water Main Project pending engineer review
Summary
Council agreed the proposed interfund loan of $300,000 with a 25-year repayment and 3.67% interest is reasonable to finance the 2026 Water Main Project and instructed staff to confirm amounts and timing with the Town Engineer; a vote on the ordinance is possible in July.
Council discussed financing for the 2026 Water Main Project and expressed support for an interfund loan that would provide the Water Department fund with sufficient cash to proceed. Clerk/Treasurer Amy Myhre presented the proposed terms: a $300,000 loan, a 25-year repayment schedule, and an interest rate of 3.67% (matching the Local Government Investment Pool rate as of May 31, 2026). The council agreed these parameters “make sense,” and asked Clerk Myhre to confirm the amount and the start of the loan with Town Engineer Schroeder before voting on an Interfund Loan Ordinance, which may come before the council in July.
The minutes note the loan is intended to cover project cashflow needs for the water main replacement. The council did not act on the ordinance at the June meeting and will consider a formal vote after staff confirms technical and timing details with the town engineer.
