According to Shell Lake City Administrator, Andy Eiche, the resolution authorizing the issuance and sale of up to 315.633 sewerage system revenue bonds, series 2016, and providing for other details and covenants with respect thereto was approved unanimously at the meeting held, Tuesday, December 20, 2016.
"The DNR is the governing body that operates the Clean Water Fund (CWF) (which is a program set up to assist in Sewer related projects for municipalities in Wisconsin), Eiche said. "The CWF awards Principal Forgiveness (grant money) toward a certain number of the projects throughout the state which display the greatest need/importance. We received slightly over $288,000.00 in principal forgiveness on our project, with the remainder of the project being paid with a loan through the CWF, which is amortized over 20 years at a fixed rate of 1.96%. This loan is paid through revenues generated by the municipalities sewer revenue (not taxes). Our project was the replacement of our effluent lift station. This lift station is responsible for the movement of processed sewage from our holding ponds to our seepage cells. The effluent lift station we replaced was over 30 years old and starting to fail. In fact, the pumps were obsolete (replacement parts were no longer available). If we hadn't replaced the effluent lift station when we did, we could have had a significant mess on our hands!"
A copy of the resolution is attached.
Last Update: Dec 21, 2016 10:13 am CST
