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ing. He also noted that the State has exceeded the time allowed to respond to the Town on a “historic review environmental study,” and that the Rural Development Administration informed him that he could go ahead with project planning.
Mayor Willis also reported on financing for the new reservoir. He said that he had received “constructive comments” from the bank but had no final offer in hand. The meeting package did include a letter from the Rappahannock National Bank in which CEO Michael Leake informed the Mayor that the bank’s Board of Directors had approved “a $200,000 unsecured loan for the reservoir project subject to the terms and conditions that will be outlined in an upcoming commitment letter.”
Draft budget presented
Mayor Willis presented the draft budget for Fiscal Year 2003, and received approval from the Town Council to advertise for a budget public hearing at the May meeting. The new budget shows income and expenditures of $283,050, a slight reduction from last year’s budget of
See FOURTH, Page A7
84.6%