$1.67 million loan to be forgiven after construction
Milton Town Council has set a Saturday, Jan. 16 date for a referendum to borrow $1.67 million for a series of water main replacement projects. The town will have to pay interest during construction, and once the project is complete, the loan will be 100 percent forgiven. FILE PHOTO
Ryan Mavity
December 24, 2020
Milton Town Council unanimously approved a resolution setting a Saturday, Jan. 16 public hearing on a $1.67 million water infrastructure project.
The town is asking voters to approve borrowing the money from the state’s Water Infrastructure Advisory Council on terms favorable to the town: interest-only payments during construction with 100 percent loan forgiveness once the project is completed. Town Manager Kristy Rogers told council Dec. 7 that the town would pay $16,700 during the six-month construction period, with funds coming from the town’s transfer tax reserves. She said there will be no fee increases to town residents to pay for the project.