Hi-Desert Water District celebrates a low-cost loan last night. The tone at the meeting of the Hi-Desert Water District Board of Directors was restrained jubilation. Reporter Dan Stork explains the joy and the restraint…
The directors of the Hi-Desert Water District thanked staff, Yucca Valley town officials, regulatory officials and various legislators for their efforts before the state water board. Those efforts were rewarded with a 30-year loan for $145 million at 1 percent interest, to finance the wastewater treatment project. Finance Director Rochelle Clayton said that, compared with the standard rate of 1.6 percent, this represented a savings of $15 million in interest. Now it’s up to the property owners in the District to approve this financing. Mail ballots will go out in two weeks, and there will be 45 days in which to return them, with a public hearing planned in May. Board members advised the public that a “no” vote would likely result in higher-cost financing of the project from private lenders. Board president Bob Stadum said, “We have a golden opportunity to get historically low interest rates.”
In other business, the Board approved expenditures of about $100,000 for a new water truck, $143,000 for replacement pipe, and $26,000 for boring excavation under Route 247. During reports, Jennifer Poland told of new mandatory water restrictions announced by the state water board. Mark Ban introduced the new manager of the wastewater project, Camden O’Toole.
HI-DESERT WATER CELEBRATES 1% STATE SEWER SYSTEM LOAN
