Pine Cove Water District is about to receive more than $330,000 in federal money. At a board workshop last week, General Manager Jerry Holldber told the board that he had received confirmation that the district applications would be accepted.
The request was for acquisition of infrastructure materials, more than 11,000 feet of pipeline. The Rural Utilities Service, a part of the U.S. Department of Agriculture, will loan PCWD $292,000 at 2.75 percent interest. The payback period is up to 40 years, but Holldber told the Board the loan could be paid off sooner if it chooses. The minimum annual payment is $10,000.
In addition, the Rural Utilities Agency granted PCWD $40,500 for the acquisition of a new vehicle. These funds will not be dispersed until the district has obligated all of its loan money.
Official approval is still several weeks away. The Board must approve a resolution accepting the federal financing at its Sept. 12 meeting, authorize Holldber to sign future agreements and have its attorney review all the paperwork before the officials
documents are issued.
“It’s been more than a two-year effort,” Holldber told the board. The pipeline will replace older four-inch and six-inch pipes along Ponderosa and Franklin.
In addition to the pipe, PCWD will acquire a new service truck and replace its 1981 dump truck with some of the loan money and replace its Toyota pickup with the grant money.