WILTON — The Board of Selectpersons have voted to convert a forgivable loan to permanent financing through the Maine Municipal Bond Bank.
Town Manager Rhonda Irish told the board the interim loan/grant was received three years ago through the Maine Department of Environmental Protection SRF program. The loan/grant was part of the funding for Phase II upgrading of the town’s wastewater treatment plant.
The money could be used for up to three years before it is required to be converted to permanent financing. Of the initial borrowed amount of $528,000, $85,000 has been forgiven and used to create a capital replacement program for the Waste Treatment Department. The town must repay the remaining $435,000.
Financed through the Maine Municipal Bond Bank, the loan’s first payment will be due March 1, 2016. There will be two payments due each year, with the last payment due Sept. 1, 2035.
The interest rate for the loan is 0.25 percent. Total interest to be paid is $11,488. Bank fees of $6,697 and DEP fees of $15,627 make the total amount $468,812.
The board unanimously agreed.
In other business Tuesday night, the board unanimously authorized spending up to $1,500 for Main-Land Development Consultants to develop a simple engineering design to be used in a grant to rebuild the retaining wall at Kineowatha Park’s swimming area.
Irish said Irving Faunce is chairman of the committee working on a Land and Conservation Fund grant. If approved, the grant will be used to fund the project.
“Main-Land Development Consultants have assisted in looking at ideas for replacement of that wall pro bono,” Irish said.
Irish asked the board to approve spending up to $1,500 for Main-Land to come up with a simple engineering design.
At town meeting, voters approved establishing a $1,500 Kineowatha Park Retaining Wall Fund, which would be used to fund the design. Irish said work from a legitimate company is needed in the grant.
If the grant is approved, a bid process will be used for more extensive engineering work. Dirigo Engineering submitted a bid in 2010 and Ransom Environmental offered a bid in 2014. Prices for the work then ranged between $70,000 and $80,000.
The next meeting of the grant committee is 6:30 p.m. Wednesday, Sept. 9, at Kineowatha Park.
“The public, especially those who want to help write part of the grant, is invited,” Irish said.
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