From The Mountain Mail (Audrey Gilpin):
The 20-year fixed interest rate is 2 percent. [City finance director Jan Schmidt] said annual debt service will be about $33,500 and will be paid from the water enterprise fund. “Capital reserves aren’t sufficient to pay for the necessary improvements,” Schmidt said.
Schmidt said galleries consist of an infiltration gallery, chlorination system and a 1.25 million gallon water tank that feeds water into the city distribution system. Before replacing the roof during phase 1 of the project, Schmidt said failed sections of built-up roofing could be lifted and spaces where water, dirt and debris could potentially enter the tank were visible.
Phase 2, Schmidt said, includes installing a liner inside the concrete tank to stop leakage. A second reading and public hearing on the action will be held during the July 6 regular council meeting.
More water infrastructure coverage here.