By: Donovan W. Mann – donovanm@977thebolt.com
Dakota City, IA – Dakota City is continuing to approve different funding sources for the city’s water treatment plant upgrades.
During the recent meeting of the City Council for Dakota City they were presented with a resolution to set the ground work for securing more funds for the project. The resolution authorizes and approves a loan and disbursement agreement and provides for the issuance and securing the payment of water revenue bonds.
According to the report from MSA Professional Services the resolution is required to secure an up-to amount of $426,000 Drinking Water SRF loan. The loan is a 20 year loan at two percent interest and will like require and approximately %.80 a month loan specific fee to be added to water bills in early 2021.
As previously reported by KHBT, Dakota City has already received a Community Development Block Grant of $300,000 dollars to go towards this project. The city has discussed using $250,000 from saving for the project as well.
Council approved the resolution for the loan agreement as present unanimously.