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wastewater treatment projects, so the interest rate is always low — 3 to 4 percent at the highest.
Leggett said he did not expect to get the loan interestfree for 20 years.
“The real surprise was the 0 percent [interest] — that was flabbergasting,” Leggett said. “We had hoped for 3 percent.”
Washington residents will be the main beneficiaries of the loan, the mayor said.
“It will be a boon to the people in town who have to pay for this, if you think about the interest on $4 million for 20 years,” Leggett said.
The mayor said the wastewater system will benefit the Chesapeake Bay, and that was a key to getting the
94.5%