Silver Lake storm sewer loan approved by Board of Commissioners of Public Lands

Photo by mensatic via morgueFile.com

Photo by mensatic via morgueFile.com

The Wisconsin Board of Commissioners of Public Lands has approved a $535,000 loan to Silver Lake to finance a storm sewer repair project, the board announced today

The loan will have a term of 20 years and 4.25 percent interest, village officials said at the September meeting at which a resolution to apply for the loan was approved.

Village President Sue Gerber said at that September meeting that the village initially sought a loan from Peoples Bank, which has a branch in the village, but the bank withdrew because of the uncertainty around the upcoming November village government dissolution referendum.

If the village does not dissolve and it receives the loan proceeds, it could prepay the commissioners loan if it could get better terms from Peoples, village attorney Linda Gray said.

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27 Comments

  1. Bernard Punsley says:

    $535,00!!!!!!!!!!!!!??????????Will this fix ALL of our faulty sewers…or just SOME of them?!!!!!! Incredible~

  2. Mike Brown says:

    Has the village conducted a ” lessons learned ” as to why so many storm sewers have failed ?? Just recently talked to a family that had to relocated for weeks because of raw sewage backing up along with multiple neighbors. Seems the village has a few problems in that department. How much is this going to add to our village taxes ??

  3. bRINGING US TO GRAND TOTAL OF $947,476.23 says:

    First I have heard of $535,000! What did the board members agree to? Wasn’t it $533,000?

    The 4.25 figure will bring the $535,000 amount up to
    Total Payments of $947,476.23 for a Total Interest $412,476.23 over Number of Monthly Payments 360 with a Monthly Payment$ of 2,631.88

  4. BRINGING US TO GRAND TOTAL OF $795,097 says:

    WIll the loan really stay at 20 years? or 30 years as extension?

    Total Payments $795,097.06 Total Interest $260,097.06 Number of Monthly Payments240 Monthly Payment $3,312.90

  5. $illiness In $ilver Lake says:

    4.25% for 20 years!!!!!!!!!!!!!! $535,000 “borrowed”!!!! Anybody taken out a mortage loan, refinanced one, taken out a home improvement loan or car loan lately? If you cannot beat 4.25%……….you didnt’ look too hard. Another incredible WASTE of OUR taxpayer dollars! And if we don’t DISSOLVE, Attorney Gray advises we MIGHT be able to “prepay” the loan, IF we could get “better” terms from People’s Bank, who “withdrew” from the project. Folks, yah just can’t make things like this up. Can anyone advise the percentage we are stuck with on the $250,000 library “loan”???

  6. Band aid says:

    All this does is raise taxes and put a band aid on it. No fix here.

  7. Mad Math says:

    I got out my trusty calculator and punched in some numbers. Our illustrious board “borrowed” $355,000, at an annual interest rate of 4.25%(WAY TOO HIGH INTEREST TO PAY!!!) for 20 years. The INTEREST PAYMENTS total $260,097.06.
    Total loan cost = $535,000 + $260,097.06 = $795,097.06. Divide that by 240 payments, for a MONTHLY loan payment of $3312.90. It is also important to remember that this “loan” does not repair ALL of our dilapitated sewer & water pipes, only the most severely damaged ones. Does anyone really believe we will not have more repair costs in the next 20 years?? This EXPENSE, while most certainly was NEEDED, is piled on top of the $250,000 we got saddled with for the “white elephant” library, that currently sits IDLE!!!! The monthly interest on THAT loan, like the pink Eveready Bunny, just “keeps on tickin'”. We can’t even afford TIRES for our fire trucks, cannot afford a full time police chief, won’t appoint a fire chief……..yet we just keep on pulling out the credit cards. But hey, we have our PAID employees and ELECTED officials enforcing our “signage situation”. PRICELESS! (well, not really!!!)

  8. Bernard Punsley says:

    @Mad Math: While I don’t dispute your calculations, I will refrain from judgement until I hear the figures Ms. Erb et al will certainly counter with.

  9. Sign of the Times says:

    I recommend everyone put up a yard sign, reading “Save Our Signs”. Let’s give the “Placard Police” something to “investigate”. Just make sure they are all wearing a tape measure on their gun belts!

  10. Not that much says:

    Consider this, that is just a little over the estimated value (zillow sited) of buying Jeff Albrecht and one of his neighbors houses… So is that really so much to spend to make sure our sewer water doesn’t back up into our houses… We can’t all be fortunate enough to live in the ‘newer’ section of town!

  11. Winter Worries says:

    Given the financial budgetary woes our village is suffering(or not, if you listen to Ms.Erb/et al)……..I realize the fire department cannot afford to purchase new tires for the rest of their fleet. Just wondering if they will be able to afford to inflate the tires with “winter air” for the upcoming cold months, or will they be forced to drive on “summer air” already in the tires during our bitter winters? Is there an “air replacement program” in place?

  12. Mike Brown says:

    WOW!!! The village spent $250,000 on a library before ensuring the citizens could safely flush the toilet !!! How in the world does this board think that the people can afford a tax increase like that, when most people are already broke?
    Excuse me while I use the bathroom, lets hope the sewer plant is still functioning!!

  13. Bernard Punsley says:

    @Mike Brown……..well, if your toilet is not working, you can always go over to the new library building and use theirs, as soon as (IF) they ever OPEN! You correctly point out the lack of priorities our board continues to manifest.

  14. Priorities Bernard? says:

    What were Albrechts “priorities” ? Putting together a “committee” with people who were going to directly benefit from the outcome?

  15. Bernard Punsley says:

    @Priorities Bernard………not exactly sure what you are referring to? What “benefits” committee people were going to receive? Pretty vague. And just an “fyi”…Mr. Albrecht is no longer on the village board. We are talking about the priorities of our CURRENT BOARD! If you are satisfied with that, so be it. I just shake my head every time I drive by our “new” library. PRIORITIES?

  16. Sure Bernard.... says:

    Short term memory loss Bernard? Maybe Albrecht, if you spent as much time trying to help the Village of Silver Lake as you spend meeting with Galich, Francart, and Nopenz, you wouldn’t have been voted out of office. It is funny that you have people signing their names to you poorly written letters.

  17. Bernard Punsley says:

    @Sure Bernard….well, you didn’t answer the question either….what “benefits” were “committee members” directly going to benefit from? The issue being discussed was “priorities”….Albrecht is LONG GONE from the board…the priorities of the current board are pretty woeful. I will ask again…WHAT committee that directly received benefits from the “outcome” is being referenced here? So far, it’s clear as mud.

  18. to: No bullets in Bernard's gun says:

    I will answer your question with a question. Who benefits the most from Silver Lake Dissolving? Speaking of “it’s clear as mud”, it’s clear that Albrecht is a sore loser who will do anything to ruin those who voted him out of office.

  19. Bernard Punsley says:

    @to: No bullets in Bernard’s gun: Well, you didnt’ answer the question either!
    WHO is “directly benefitting” from the “committee” that Albrecht formed when he was village president? A myth, perhaps? NO DOUBT who is REALLY benefitting under “new management” with our SLRS driven village board…..ah ..that old
    “mountain of cash” keeps on growin’. I think Mr. Albrecht(aka “Bernard”?) is a visionary. I think MANY of those folks that “voted him out of office’ realize the errors of their ways, given the current “leadership” that replaced him. I think he continues to have our village’s best interests at heart, and so do MANY other folks. RESOLVE TO DISSOLVE…..thanks to Mr. Albrecht et al for providing us the opportunity to right our sinking ship! I voted early yesterday….plop, plop, fizz, fizz, oh what a relief it is”!

  20. $illiness in $ilver Lake says:

    I must agree with Mr. Punsley…….I voted to replace Mr. Albrecht last election, thinking we might move it a better direction. I now regret casting that ballot!
    No matter how anyone feels about the rescue squad, pro or con, they continue to be the “tail that wags the dog” when it comes to village board issues. The arrogance our current board has shown to villagers that do not “tow the line” is unheralded in the history of our village. The board has YET to address ANY of our financial issues, other than to BORROW, BORROW, BORROW. I have spoken with numerous residents, some of whom previously voted against Mr. Albrecht.
    Not only have they changed their tune, they wholeheartedly embrace the DISSOLVE MOVEMENT, and the hope for positive change that it will provide for ALL of us.

  21. Facts are a good thing..... says:

    In the Kenosha News today it was confirmed that after looking at the numbers, Kenosha County Treasure Teri Jacobson would not confirm there would be an overall savings for Silver Lake residents. Let’s see, no tax savings, no local police, no say in how our Village is run…. .no brainer!

    Vote NO on November 4th!

  22. Smoke and Mirrors says:

    All along Albrecht , Galich, and the rest of the brain trust behind Dissolving the Village have promised great tax savings. I’ve seen promises of $400 to $800 savings on our taxes. According to the Salem Administrator and the County Clerk these numbers are wrong. How irresponsible for Albrecht and Galich to knowingly lie to residents. I hope they are ashamed of themselves.

  23. Bernard Punsley says:

    @Facts are a good thing………..I’m with YOU! I WILL be “VOTING NO” to the referendum question prohibiting our village board from negotiating any type of rescue plan with Salem,,,,as you say “a no brainer”. Along with you, and many other concerned citizens, I will be voting YES to DISSOLVE!!! Thanks for helping us get the word out……our movement gets a little STRONGER every day!

  24. Sick of the Good Old Boys says:

    Vote to Dissolve on Nov 4. I am sick of all the back room deals. We need a professional administrator to run Silver Lake. No more crap. I do not care if I have to pay more to get better service. It is life and death.

  25. Bernard still trying to spin says:

    It must really stink being Bernard these days. All his “facts” about tax savings proven to be wrong!!!!! vote ok to save yourself some money !!

  26. Bernard Punsley says:

    @Smoke and Mirrors……ah…nice try…S & M….first of all “tax savings” are only PART of the advantages….and PLEASE DOCUMENT where you saw the “promises” of $400 to $800 savings on our taxes. I have never seen that, please point out where we can view your contention(lie?)that these figures were promised to us. Neither the Salem Administrator NOR the County Clerk stated the $400 to $800 figures were wrong, those figures were NEVER cited in the Kenosha News article…dont’ believe me…..read the article for yourself. And the samples the Salem Administrator gave did INDEED cite tax savings if we DISSOLVE. The County Clerk pointed out the the Anti-Dissolve group was using INACCURATE COMPARISONS when compiling their data, and the DISSOLVE GROUP was using ACCURATE data. Don’t believe me? Read the article! Seems to me “Smoke and Mirrors” has done just that. Reminds me of that old song “Call me, IRRESPONSIBLE”….RESOLVE TO DISSOLVE!!!!

  27. Bernard Punsley says:

    @Bernard still trying to spin: Don’t know where you are getting your “facts”, the Kenosha News article CLEARLY pointed out that there WILL be tax savings if we DISSOLVE, the real issue was just how much they would be, NOT “If” there would be tax savings. Salem Administrator said so, County Treasurer all but said so. Article also pointed out how the “anti” DISSOLVE group was using inaccurate comparisons, and the DISSOLVE group was using accurate comparisons. While the amount of tax savings might be “murky”(to quote the article), never the less, there WILL be savings…along with a professional administrator, much better financial situation, a STAFFED fire station with certified tires on the trucks AND PARAMEDIC LEVEL SERVICE………all upgrades for our village when we DISSOLVE.

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