(FLINT) - The Steuben Lakes Regional Waste District Board of Trustees voted during a special meeting on Wednesday night to refinance 2003 U.S.D.A. Rural Development Bonds which maybe used help finance proposed projects in the northeast corner of the district and at Lake Pleasant. John Julien from Umbaugh and Associates said the action does not bind the board to anything.
He said Rural Development loans from the 2003 project could be paid off faster and the district could save nearly $5.5 million in debt service. As he pointed out during a meeting two weeks ago, the action is subject to interest rates.
The ordinance would also eliminate a previously planned 2019 rate increase.
District officials have been frustrated in recent months with U.S.D.A. Rural Development slow response to funding requests for the two proposed projects after the agency went to a more regional approach.