Board approves water-pay estimate, authorizes $350,000 line of credit and bulk-water agreement with Mason City

The Village of New Holland board moved forward on financing and supply steps for its water project at the March 12 meeting, approving pay estimate #4 and a set of short-term financing measures. "Jim Rehmann motioned to approve pay estimate #4," and the motion passed unanimously, the minutes show.

Board members then approved a series of liquidity measures tied to the project. "Jim Rehmann motioned to open a $350,000 revolving line of credit to pay the pay estimates until the reimbursements come through," and the motion carried after a second by Val Goin. The board also approved a motion, moved by Rehmann and seconded by Ed Davison, to use funds from the village money market account and certificates of deposit until the line of credit has been established.

In related action, the board approved a bulk-water purchase agreement with Mason City to secure interim supply. "Val Goin motioned to approve the agreement to buy bulk water from Mason City," the record states; that motion passed unanimously. The board discussed the existing elevated tank and agreed to request a removal quote from Caldwell Tanks once the new elevated tank is operational.

All motions on the water project were recorded as unanimous votes of the six listed members: Chris Cochran, Heather Rodgers, Ed Davison, Sharon Wright, Jim Rehmann and Val Goin. Next steps noted by trustees include establishing the line of credit, finalizing the Mason City purchase contract, and obtaining removal-cost estimates for the old tank.