Wednesday, April 24, 2024
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Monterey Aldermen Approve Local Bank Search For Wastewater Plant

Monterey will be gauging interest from local banks for loans to fund its new wastewater treatment plant.

The Board of Aldermen approved the next step in the project Monday. Certified Municipal Finance Officer Ella Dishman said the town needs a line of credit of $6 million over a two-year term length.

“At the end of two years, then we would get the loan from USDA, and then, we would pay the bank off,” Dishman said. “So, he is recommending that we get how many ever banks we want to call to see if they will even want to do this.”

Dishman said anytime money is issued for the project, the engineer and USDA would need to sign off. Dishman said the bank would then give that money to be paid off later. Dishman said the process comes from a recommendation from USDA.

“He does know of one place that used two banks,” Dishman said. “One bank did so many millions and one bank did the other million. So just call the banks to see what they will give us.”

The some $11 million facility is located on Stewart Avenue near the VFW office. W&O Construction was awarded the bid to conduct the work in April. The Monterey Board of Aldermen has already pledged $500,000 towards the project that would increase the town’s sewer capacity.

“I think we should definitely approach our local banks first and go from there,” Aldermen Nathan Walker said. “That’s the only suggestion I would make on it