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Ennis Daily News

Corps shares interest rate for Bardwell

U.S. Army Corps of Engineers representatives have confirmed Ennis can amortize its portion of a cost increase for maintenance and operation at the Lake Bardwell reservoir fueled by 2009 stimulus funds.
The news Ennis can amortize its approximately $470,000 share of the cost is a better situation than the originally proposed boost of $1.7 million in the 2010 operating budget. Commissioners learned of the sudden hike last summer and city management has been negotiating with the Corps since then, with aid from U.S. Rep. Joe Barton’s office in recent months.

The proposal would allow Ennis to amortize that boost over 30 years at an interest rate of 4.125 percent, costing the city about $27,100 per year, said City Manager Steve Howerton. That amounts to paying $813,000 in the long run, as opposed to the lump sum of $470,000.

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Posted by on Apr 29 2010. Filed under News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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