Board amends CWSRF loan application after state subsidy information could double forgivable amount
Summary
The Select Board agreed to amend its Clean Water State Revolving Fund (CWSRF) loan application after staff reported the town may be eligible for a 50% subsidy, allowing the town to apply for $1,031,400 so $515,700 would be forgiven; the board authorized the chair to sign resolution documents.
The Select Board voted to amend the town's CWSRF loan resolution after staff reported eligibility for a 50% subsidy that changes the town's application strategy.
Town Administrator Chrissy reminded the board that they previously approved a CWSRF loan application for $515,700—an amount that matches the bonded authorization. She said recent guidance indicates the town could be eligible for a 50% subsidy, allowing the application to be increased so that half of the requested indebtedness would be forgiven. Staff recommended amending the authorized indebtedness to $1,031,400 so that $515,700 would be ultimately treated as forgivable by the state under program terms. The board moved to adopt the resolution amending the authorized indebtedness and authorized the chair to sign the documents.
Why it matters: increasing the application to reflect available subsidy could reduce the town’s net indebtedness for the wastewater project, effectively converting half of the loan amount to forgivable assistance if program rules and final approvals confirm subsidy eligibility.
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