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Canton gets more than $2 million in interest free state loans

Posted by Dave Eisenstadter  August 8, 2013 06:47 PM

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When Canton selectmen chairman Gerald Salvatori jokingly asked Finance Director James Murgia if an interest-free loan from the state was the best he could do, Murgia had an answer ready.

The town will receive two interest free loans from the Massachusetts Water Resources Authority, but for one of them it will only have to pay back a little more than half, according to Murgia.

“For a state agency, that’s nice,” selectman Avril Elkort said at the Tuesday meeting.

The first loan is for $1.09 million and will be paid back over 10 years. The money will be used to finish the Tolman Street water storage tank.

The money is exactly the amount that the town needs for the repair, according to Murgia.

The second loan is for $1.03 million, but the town will only have to pay back 55 percent of the money. It will be used to rehabilitate the sewer system and the loan will be paid back over five years.

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