Scottville commission authorizes bonds for water project.

May 17, 2016

scottville water towerSCOTTVILLE — The city is a step closer to this summer’s water system improvement project. During its regular meeting Monday, City Commission approved two resolutions allowing it to seek bonds for replacing the water main on North Main Street and also to repaint the city’s water tower. 

The resolution authorizes water revenue bonds not to exceed $2,094,000 to be payable over 40 years, one series of bonds is in the amount of $1,654,000 at an interest rate equal to or lower than 2.375% or the then-current poverty interest rate at the time of closing and delivery. The second series of bonds will be issued in the amount of $444,000 at a rate of interest equal to the lesser of 1.75% or the then-current poverty interest rate at the time of closing and delivery.

The US Department of Agriculture is providing 80% of the funding for the water improvement project. The city’s water mains, like many Michigan cities are decades old. For several years, the city has relied on making temporary repairs to the main on North Main Street. In addition, the new main will mean a higher volume of water, which will likely improve the city’s fire insurance ratings. 

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