The Winamac Town Council has approved some of the financial arrangements for planned water upgrades. The town’s already gotten a $550,000 grant from the Indiana Office of Community and Rural Affairs, for new well facilities and other improvements.
To cover the remaining cost, the town plans to use some of the money it already has on hand. Last week, council members voted to let the town’s water department borrow over a million dollars from the town’s Electric Depreciation Fund. Under the terms of the loan, that money will be paid back over a five-year period, with an annual interest rate of one percent.
