The Daily Reporter
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If the Coldwater City Council agrees to borrow $3 million, all 1,291 lead water service lines can be removed and replaced in the next four years rather than take the 20 years it has to do the work under current federal regulations.
Rather than have ratepayers cover the cost, instead, the federal government will repay the loan as the work is done.
Coldwater Board of Public Utilities director Jeff Budd explained “these bonds are a little unusual as they are going to be 100% forgiven through a federal grant known as Booker Funds.”
The city will issue debt through the State of Michigan’s Drinking Water State Revolving Fund. Debt service on the bonds is completely forgiven.
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