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Town told it has secured additional drinking-water funds, raising total available to about $9.8 million
Summary
Staff reported the town previously received $5 million for water improvements and that a second funded application adds roughly $1.6 million in grant funds and $3.2 million of 0% loan funds, bringing available water-system improvement resources to about $9.8 million.
Town staff told the council that the town has received a $5,000,000 grant earlier in the year for drinking-water system improvements and that a second funded application would provide approximately $1,600,000 in additional grant funds plus about $3,200,000 in a 0% interest loan. "If you accept both projects, you're up to about $9,800,000 of funds to complete your water-system improvements," staff said.
Council members asked about loan terms, forgiveness and the budgetary implications. Staff explained the loan would be a 20-year 0% interest loan in the package described and said the combined funding would substantially reduce the town's capital burden for the water projects. The council did not take an immediate formal vote on construction contracting at the meeting but included acceptance of the funded applications as an item on the agenda.
