Malden likely to opt for another water system repair loan
The City Council's Finance Committee has approved a $1.02 million loan from the state Water Resources Authority for repairs to several water and sewer lines in town. The measure now goes to the full council.
This would be the 10th consecutive year that Malden has accepted the loan, according to City Controller Domenic Fermano.
He told the Finance Committee on Tuesday that loan is a boon to the community.
"It goes a long way toward helping us," he said. "A lot of our infrastructure is from the late 1800s or early 1900s. It is getting old or it is old and it costs, and this goes a long way."
If the council approves the loan application, the city will submit a list of repairs to the Authority. After releasing the money, the agency will check in with the city to ensure that the cash is being used properly.
"It's not that you get the money now and you can go ahead and spend it," he said. "They inspect it."
The city must begin paying back the interest-free loan in about five years. The city has borrowed $1 million on average in each of the last 10 years, Fermano said.
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