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Century Approves $1.6 Million Water System Loan
September 28, 2009
The Town of Century has accepted a low interest loan that will automatically forgive $1.4 million in payments.
The town council approved the loan Monday afternoon, with one council member, Henry Hawkins, voting against it. The $1.6 million will pay for several water system improvements — including a new 500,000 gallon elevated water storage tank to improve system reliability and fire protection, two natural gas operated back-up generators to improve system reliability for the existing water treatment plants, 16,000 feet of six-inch water main and a booster station to provide fire protection, improve pressure and system reliability in a portion of the existing water system franchise area.
With a low interest loan from the state, about $1.4 million in repayments will automatically be forgiven, according to Century Mayor Freddie McCall, under a federal stimulus money program.
“It’s like free money that we will never have to pay back,” McCall said. “We would get a $1.6 million project for $250,000.”
On the approximately $1.6 million loan, Century would be responsible for repaying only about $250,000, he said. Payments on the revolving loan will cost the town about $12,400 annually.
Comments
One Response to “Century Approves $1.6 Million Water System Loan”
THANK YOU SO MUCH! I have been wanting to get decent water pressure for decades now. Why would Mr. Hawkins vote against us getting water FINALLY on Backwoods road? Maybe if Mr. Hawkins lived back here, he would want to have decent water pressure and not worry about having water to put out fires. Makes no sense, 1.6 MILLION dollars for only $250K…….What were you thinking Mr. Hawkins?