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lion before the $600,000 block grant for the sewer project from the state is released to the county supervisors. The Authority members agreed to meet immediately upon release of the EPA award so that necessary paperwork for release of the block grant can be completed in time for the supervisors’ meeting on March 5.
“Front” Money
In November, the WSA received a proposal from Baker-Watts investment banking firm to provide interim financing for Sperryville’s sewer system. In simple terms, the company proposed to loan the WSA $2.1 million, the total of the two grants. The money would be borrowed at 6.5 percent interest (with interest free notes offered investors) and the investment firm would then invest the $2.1 mHliofi'at 10.25 percent, earning the WSA a profit of between $30,000 and $93,000, depending upon the firm’s charges and legal fees. The loan would provide the WSA with money to pay construction bills for the sewer system as they are received and would be repaid as reimbursable grant funds come in.
Since receiving the proposal from Baker-Watts, the Authority has heard from Wheat First Securities, an investment firm with War
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