Board of Aldermen 6-10-2020 Page 6
And we have Phase Il, this one should be complete around September. We are getting ready to start going out
to bid for Phase II which would be the remainder of the pump stations. So this Resolution is for additional
monies. The project initially started, it was in the works in 2015 so | think the money had a changed over time, a
need for more money, change over time as expenses increased. So this Resolution would help us borrow
more money from the State to cover the cost of Phase Il.
Chairman Dowd
Thank you. Treasurer Fredette, did you want to add anything to that?
Mr. Fredette
No, | didn’t really have anything, unless somebody had a question. But as the Superintendent stated, this is a
loan from the State, not a bond. The requirements, it is a lot easier than going through a bond process, we do
have quite a few loans through the State for Wastewater.
Chairman Dowd
Are there any of the Aldermen that would like a clarifying question before we get started in the Public
Testimony? Alderman Lu?
Alderwoman Lu
Thank you, Chairman Dowd. Could you clarify for me, did you say the $2.5 million will include funds for Phase
II? You started out talking about Phase | and then you mentioned Phase II. So if | could just get clarification?
Mr. Boucher
Yes, we had borrowed enough money for part of Phase Il, it wasn’t enough. We need to borrow an additional
$2.5 million. We are expecting Phase II to cost around $6.1 / $6.2 million, so we need the additional $2.5.
Alderwoman Lu
Thank you. Just to follow up, so you are currently in Phase II.
Mr. Boucher
No, we are currently in Phase |. Phase | should be complete around September. That’s the first six pump
stations.
Alderwoman Lu
Ok and what is the interest rate that the State charges?
Mr. Fredette
That’s listed in the Bond Resolution, it’s 2%.
Alderwoman Lu
Thank you, that’s all.
