The City of Two Rivers will be receiving some state money through the Safe Drinking Water Loan Program.
We spoke with City Manager Greg Buckley, who explained that the City Council approved the borrowing of up to $947,000 in Water System Bonds.
“That is specifically paying for the water main replacements, and lateral replacements…on this year’s reconstruction projects,” Buckley explained. That includes projects on 24th, 25th, and Madison Streets.
In total, the City will receive $1.35 million, with $400,000 of that is principal forgiveness funds, “Which will not have to be repaid by the City, [making it] effectively a grant,” Buckley said.
He also explained that “The net borrowing, $947,000, is over 20 years at 1.47%”
The reconstruction projects are estimated to cost around $4 million, with the water aspect estimated to be between $1.2 million and $1.3 million.
