St. J. Saves $34k with Loan Payoff

STJ Loan PayoffST. JOHNSBURY - The town of Saint Johnsbury will be paying off a decade's old loan resulting in a savings of over $34-thousand in interest.

The USDA Rural Development loan was used for the construction of the wastewater treatment plant during the 1990's. The loans payments were originally spaced out to be fully repaid by the year 2036.

 

On Monday night, Town Manager Chad Whitehead asked that the select-board allow for the remaining $76.5-thousand be paid off with money from the sewer fund. "The sewer fund actually is doing pretty well, it's a pretty healthy fund. So there's reserve funds that we can utilize in that. It'll affect our cash flow, but not substantially, and nothing that we can't cover. So we'll pay that off and we'll start realizing savings over the years." Said Whitehead.

The board had concerns of early payment fees, but Whitehead explained that there would be none and that the town would be able to save a little over $34-thousand dollars in interest payments if the loan were paid off now.

In a unanimous decision, the board voted to use the money from the sewer fund to pay off the loan with a savings of over $34-thousand.

What's Coming Up At 5:30

What's Coming Up Tonight at 5:30

Saint Johnbury Court Case

We sent out reporters to cover the case of Patrick Hunter, who appeared in court today for a case of sexual assault on a minor.

 

Danville Superintendent

The Danville School has answered the the call by residents for a new superintendent, and she is busy acclimating to her new position.

 

Vermont Restaurants and New Hampshire law

A new law was passed in the state of New Hampshire pressing restaurants to not provide straws for customers unless specifically asked to do so. A few Vermont restaurants have already taken to this practice without a law in place.