Monterey Aldermen Select One Bank For Sewer Plant Line Of Credit

The Monterey Board of Aldermen has selected One Bank to establish a $6 million line of credit to build its new sewage treatment plant.

Mayor JJ Reels said the town received five bids for the funding. Reels said One Bank was approved after reviewing closing costs and interest rates.

“We’re being funded through the USDA, and they don’t have all the money to put in at one time to fund the contractor to build the sewer plan,” Reels said. “So, we had to get the interim line of credit to pay the people building.”

Reels said once USDA gets the needed funding, the agency will pay off the bank for Monterey. Reels said the plant project is ahead of schedule with an estimated completion date next summer.

“We figured there might be delays for weather, but so far, we haven’t had any,” Reels said. “We’re progressing ahead of schedule which is a very good thing.”

The line of credit practice was recommended by USDA. Reels said from his understanding, the agency will cover all the costs associated.

Contractors broke ground on the project last year in July. The some $11 million dollar facility being built on Stewart Avenue near the VFW office.