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Select Board signs design loan for wastewater sand-filter upgrade with principal forgiveness
Summary
The board authorized town officers to sign documents for a Vermont Revolving Loan Fund design loan of $254,400 for the sand-filter wastewater upgrade; the loan includes $114,850 in principal forgiveness.
Town Manager Dan Monks requested authorization for the board chair, treasurer and clerk to sign loan documents for a Vermont Revolving Loan Fund design loan for the wastewater sand-filter upgrade. Monks said the loan offer matched terms previously approved by the board and includes significant principal forgiveness; he asked the board to approve signing the note, resolution and certificates so the town can receive the funds for final design work.
The motion to approve the loan agreement was moved and seconded; the board voted unanimously to authorize signatures. Monks provided figures: the design loan is $254,400 and principal forgiveness is $114,850, which the manager said had been anticipated in the earlier July 13 board action. The board recorded no opposition and instructed staff to circulate signature pages and return copies when executed.
