A loan was approved by the Pulaski County Council to help the Town of Monterey with a wastewater system upgrade.
Pulaski County Community Development Commission (CDC) Executive Director Nathan Origer and Monterey Town Council President Jim Fleury were before the county council members on Monday night to request a $20,000 loan for matching grant funds for the project.
The money would be advertised as an additional appropriation from the CDC fund to make a loan available to the town. The money will be only be spent if the town’s grant request is approved.
The cost of the project is $205,000, and the town is required to come up with a $40,000 match. The town council had $20,000 earmarked for the match, but changes by the state doubled that match to $40,000. Last year the county agreed to a $10,000 loan and The Nature Conservancy agreed to provide the other $10,000. The Nature Conservancy’s portion of the match will not be able to be met this time, so the town is asking for that portion to be satisfied through a larger loan through the county.
The council approved the advertisement of the appropriation. When the council approved the request last year, the loan was to be paid back with no interest, but the council did not discuss the terms of repayment Monday night.