Silver Lake pays off loans with reserve funds

The Silver Lake Village Board recently paid off three loans using reserve funds, saying the interest savings made it worthwhile.

The total payoff amount for all of the loans was about $455,000.

Trustee Sotiria Wilbur, the Finance Committee chairman, estimated minimum interest savings of about $127,000. Annual premium savings would be approximately $98,000.

The pay-offs were approved at the March 21 Village Board meeting.


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