State water board approves loan to Wortham
By Roxanne McKnight
The Texas Water Development Board has approved a $1,815,295 loan to the city of Wortham to finance water system improvements there.
Wortham intends to use the funds to replace old water meters and 18,500 linear feet of deteriorated water lines.
The loan application has been under consideration for months, and the announcement was made May 16.
Furthermore, through the provisions of the Drinking Water State Revolving Fund, most of the loan – $1,525,295 will be “forgiven,” with the city only required to pay back $280,000.
According to Jeff Walker, director of project development for TWDB, there are no conditions for having the $1,535.295 “forgiven.”
“As long as they spend the money and build the project, it’s forgiven,” Walker said.
The payment on the $280,000 loan will be a total of about $17,000 per year, divided into two smaller payments, one against the principal, the other against the interest. The term of the loan is 20 years.
Wortham leaders are quite pleased with the news of the loan approval.
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