Council members heard a first reading of a resolution that would authorize the mayor to apply for a Water Supply Revolving Loan Account (WSRLA) loan to plan, design and construct water facilities and to designate a dedicated repayment source.

Administrator Kaseggi told council the project—extending a water service line to the fire department—had an earlier estimated cost of about $60,000. After engineering and other costs were added, Kaseggi said an EPA nomination for a low-interest loan showed total financed costs could reach about $88,000 with a 20-year repayment term at roughly 2.1–2.4% interest. Kaseggi said he was reluctant to commit to a 20-year loan that could not be prepaid and asked for time to compare bank loan options that might allow earlier payoff and lower total interest.

“I just don't think that's… it's way too long,” Kaseggi said, explaining he would run a comparison and report back at the next meeting. A motion to table the ordinance was made on Kaseggi’s request; the transcript records the motion to table and discussion of returning the item at the next meeting, but a formal recorded roll-call vote does not appear in the transcript excerpt.

Why it matters: The project would provide a water connection to the fire facility the village agreed to install years earlier. Financing terms, loan duration and prepayment restrictions will determine the village’s long-term cost and cash-flow implications.

Next steps: Kaseggi said he will prepare a comparison of the WSRLA option versus local bank financing and present his findings at the next council meeting. Council members agreed to leave the item at first reading and revisit it at the next meeting.

(Ending) The resolution remains at first reading and will return for further consideration after the administrator’s cost-comparison report.