Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
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5. A resolution to sponsor the July Fourth Celebration and accept RAAC’s offer to manage it.
In last week’s newspaper, the first two actions above were not discussed at all and some of the data presented with regard to the water rates did not reflect discussion at the meeting.
The $6,000 reported as the yearly debt service for the new FmHA loan was an estimate based on interest rates paid for current loans. The $50,000 water budget target was established by the Council, not by the Mayor. At the January meeting, in introducing the Public Hearing on rate increases, 1 noted that we had just locked in a lower rate of interest that would require a debt service of only $4,100 a year, thus reducing the proposed target to about $48,000 as a starting point for discussions.
As noted above, the newspaper article did not mention the fact that Council approved a revised water budget for this year. To pay this budget, Council voted to transfer $14,000 from Town retained earnings.
This was necessary because the current water rates will not produce enough revenue to pay for this year’s original budget, because work initiated in June by the previous Council required the purchase of meters and casings not in the budget, because electricity is running at a rate greater than the budget, and because the new
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