Summary
To: Finance Advisory Board
From: Amy Lockhart, Interim Finance Director
Date: 07/23/2024
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Subject:
Title
Review of Approved Resolution 2024-18 and the new Agreement for the State Revolving Fund Loan program (SRFLP): Lead Service Line Loan
Summary:
The SRFLP required a new resolution to authorize the Lead Service Line Loan and establish an increased amount in the loan repayment reserve account.
This new agreement raised the loan amount from $250,000 to $825,000 due to increased costs in identifying lead service lines. This new agreement also increases the deposit in the Loan Repayment Reserve Account from $132,500 to $437,250.
Town Commission approved on July 9, 2024
End
Body
Financial Implications: Increased Fund Balance Reserve in the Water Enterprise Fund
Recommendation: N/A
Proposed Motion: N/A