News Flash

Town of Webster News Flash

Posted on: October 1, 2018

SRF Principle Forgiveness

In early September, the Town was informed that it was one of nine communities in the state to receive a reduction in their principle for loans administered through the Massachusetts Clean Water Trust. Webster qualified for $311,383.00 in principle loan forgiveness on the $10 million loan it obtained for the construction of the water treatment plant. According to a press release from the State Treasurer, "the principle forgiveness funds are administered on a competitive basis to cities and towns most in need of financial assistance to help pay for improvements to drinking water and infrastructure. The Massachusetts Clean Water Trust improves the water quality in the Commonwealth through the provision of low-cost capital financing to cities, towns and other eligible entities. Due to the reduction of loan principal funded by this program, impacted communities will see their bi-annual loan repayments reduced, freeing up capital for other local needs." The $311,383 principle forgiveness will save the rate payers approximately $108,000 in interest and fees over the 20 year life of the loan.

 

The construction of the treatment is progressing on-schedule, with the completion of the two underground tanks and the installation of the foundation footings. Please check the Water Department's website for periodic updates on the construction project. http://ma-webster.civicplus.com/778/Treatment-Plant-Construction

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