The Medaryville Town Council members made a decision this week on how to finance a shortfall in funding a new water tower.
When town council members opened bids for the construction of a new water tower, they found the bids to be way over the engineer’s estimate. About $200,000 is needed to make up that shortfall.
On Thursday this week, town council members met in special session to make a definite decision on how to move forward on financing to complete funding. Clerk-Treasurer Judy Harwood said the council voted to take out a 10-year State Revolving Loan in the amount of $350,000 with 2 percent interest.
The town council also agreed to work with Bose McKinney and Evans as a bond consultant through this process and will seek the services of Baker Tilly officials to conduct a water rate study as water rates will increase as a result of this project, according to Harwood.
The water rate study will be reviewed by town council members in a future meeting where they will decide on a plan to follow.
