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Thursday, May 5, 2016

Action reduces city debt service

Thursday, October 9, 2003

Action by the Le Mars city council this week, certifying acceptance of the new one million gallon elevated storage tank (water tower) and the new water supply well #10 projects as fully completed, will allow the city to save money on borrowed funds.

Both projects were constructed and financed under a previous $2.5 million DWSRF loan agreement dated May 16, 2000, of which $1,340,000 will be used.

With the city's final approval on the project, the final disbursement to the city will be $156,573.97.

When the final disbursement is released, the debt service schedule for the city can be reduced, due to the city not borrowing the remaining $1,160,000 as originally planned.

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