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Kincaid approves E.L. Pruitt sewer repair bid and short‑term financing using CD and general‑fund loan
Summary
Trustees selected E.L. Pruitt (approx. $253,000–$260,000 with additions) for sewer lining work, authorized short‑term bank financing secured by the sewer CD and a temporary draw from the general fund to be repaid by the sewer fund. Motions were approved unanimously.
Beverly presented two bids to repair the village sewer system — E.L. Pruitt at roughly $253,000 (about $260,000 with potential additions) and a Petersburg bid near $310,000 — and recommended E.L. Pruitt as the lower and preferable option.
To bridge cash timing, Beverly proposed using the sewer fund CD ($130,000) as collateral for a four‑month bank note and borrowing the remaining needed funds from the general fund, to be repaid by the sewer fund once the CD matures. "We can take the sewer CD for one hundred and thirty thousand, put it up for collateral, get a loan with the bank for four months and once that CD is up we cash it and pay that loan off," Beverly said.
Trustee Nelson moved to approve the recommended financing approach and to select E.L. Pruitt; Trustee Jaeger seconded both motions. Both motions passed with all trustees voting "aye." Trustees also moved to authorize using the general fund temporarily with the sewer fund repaying the general fund; that motion passed unanimously. Trustees thanked Beverly for her work preparing bids and financing options.
