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Hewitt board authorizes talks with First State Bank to finance ditching project
Summary
The board voted to authorize Village President Marlene Stueland to work with First State Bank on financing for the 1st & 2nd Street ditching project; exact loan terms were not specified.
The Village of Hewitt board on June 29 passed a motion authorizing President Marlene Stueland to work with First State Bank on financing arrangements for the proposed 1st & 2nd Street ditching and Maple Street diversion project.
The motion, made by Cassie Horn and seconded by Tom Iwanski, carried in open session. Minutes record that the financing approach would reduce up-front costs by approximately 75–80 percent (village plus residential costs) though the meeting record did not contain loan amounts, interest rates, repayment schedules or other commercial terms.
Board members asked that final financing terms be worked out with the bank and reported back to the board before committing to construction contracts. No specific timeline for the bank discussions was recorded in the minutes.
