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fly T. REYNOLDS bppHaHMcfc Niwi IpacM Writer
Frustrated by the absence of some key figures at Monday night’s meeting, the Rappahannock Water and Sewer Authority discussed several points central to the progress of the Sperryville sewer system without resolution.
The Authority still is grappling with the problem of timely payment to contractors. Wayne Cihmberg, executive director of the Rappahannock - Rapidan Planning District Commission, explained that the Environmental Protection Agency (EPA) had two payment plans to choose from. “One way is to pay the bills as they come in and apply for reimbursement. The other is to forward the invoices to EPA and hope that they pay them before they’re due,” Cilimberg said.
The first procedure had been rejected by the Authority because of the lack of “up front” money. The second, Cilimberg pointed out, carries no guarantee of timely payment. ‘Their history in this area is not good,” he said.
As a solution to the Cash flow problem, the Authority has been investigating grant anticipation funds. This is a procedure whereby a financial firm issues an anticipatory note and establishes a line of credit for the WSA by borrowing through tax exempt bonds at a low interest rate. The money then is reinvested in a standard account at a higher interest rate, ensuring that cash is
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