The Dillon City Council passed a resolution at the June 13th meeting authorizing the application to the State Revolving Fund for the Highway 34 elevated water tank.
The resolution says:
1. That the council hereby authorizes the city manager to complete, and the mayor to execute and submit an application to the State Authority for a loan from the fund in the amount of approximately $750,000 to finance the costs of constructing an expansion of the city’s Hwy. 34 Elevated Water Tank. The city manager is authorized to take such actions as may be necessary or convenient to complete the application process.
2. That the city will grant to the State Authority a pledge of, and lien on, all revenues of the city’s combined water and sewer system for repayment of the loan.
3. That the final terms and conditions of the loan and the loan documents shall be subject to the approval of this council.
The South Carolina Water Quality Revolving Fund Authority (the “State Authority”) provides low-interest loan financing for the construction of public drinking water facilities from the Drinking Water Revolving Loan Fund (the “Fund”) pursuant to the Federal Safe Drinking Water Act and Title 48, Chapter 5, Code of Laws of South Carolina, 1976.
The project total is expected to be $1,500,000. Councilman Johnny Eller made the motion to pass the resolution. Councilman Phil Wallace seconded the motion. The council approved the motion.
