PRWD approves borrowing resolution

September 18, 2013

Pioneer Rural Water’s board of directors approved a resolution yesterday to allow the district to borrow up to $1 million, as it goes about meeting expenses related to its project to build a treatment plant. A bond attorney, Robert Galloway, told the Pioneer board that Community First is willing to lend the money at a rate of 2.99% over ten years. Galloway said, at this point, Pioneer is not obligated to borrow all of the $1 million, but can borrow amounts to help offset treatment plant bills, such as engineering and the cost of 20 acres at the Golden Corner Commerce Park. That’s where Pioneer intends to build the plant.

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