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WSA member Charles K. “Pete” Estes noted that Mrs. Johnson’s figures on the budget included using the interest the authority earns on about $55,000 invested in certificates of deposit.
Mr. Swindler said, “If we use the interest for operating expenses, we’ll never have any more money.” He explained that the authority wanted the investment fund to grow to pay to replace major items in years to come.
Mrs. Johnson suggested that Sperryville could look for another grant if several years in the future the system faces major costs for replacing equipment.
Chairman Gene Leggett said, ‘That’s the situation we’re trying to avoid. When major replacements are required, we have to be able to fund them. It’s conceivable the federal government will get its house in order so that grant money will again .be available.”
He said that if such money were not available the authority would have to borrow money and that would mean much higher fees for the people of Sperryville at that time. “We’d be irresponsible not to try to avoid that.”
Mr. Estes said he was paying for three EDUs, “and I hate that.” He said he had not favored the sewer system when it was proposed but had voted for it because his constituents wanted it. He noted that the authority has the power to use the
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