BY THE NUMBERS1,300: Feet of sewer line to be repaired$140,000: Cost of repairs$150,000: Loan amount1.1 percent: Interest rateSource: Kimball
KIMBALL, Tenn. – Instead of emptying the town’s sewer fund, city administrators have decided to borrow the money needed to pay for major repairs to about 1,300 feet of sewer line.
On Thursday, the Kimball Board of Mayor and Aldermen voted to borrow the money when members found out the town could get the loan with a 1.1 percent interest rate.
Kimball Mayor David Jackson said his office put out bids for the loan just to see what rates city leaders would be getting if they decided to borrow the money.
“We called and got some bids just in case, and we do have one for $150,000 at 1.1 percent,” he said. “We’d pay $75,000 the first year, and then $75,000 the next year.”