Silver Lake tables refinancing of sewer loan

silver-lake-VHThe Silver Lake Village Board discussed refinancing its storm sewer repair loan at Wednesday night’s meeting.

The village had obtained a $535,000 loan from the Wisconsin Board of Commissioners of Public Lands with a 4.25 percent interest rate with a 20-year term.

After the dissolution of the village referendum failed on Nov. 4, People’s Bank said it was again interested in providing the financing for sewer repairs, said Trustee Carolyn Dodge. The bank had passed on providing the financing because of the uncertainty of the village’s future, so the village pursued the state loan.

People’s is now offering a five-year note with an interest rate of 2.75 that could be renegotiated at that point for another five years, Dodge said.

Trustee Patrick Dunn asked if there was a cap on what that second interest rate could be. Dodge said there was not.

After some other board members expressed concern about the second rate, the matter was tabled until Dodge could find out if a cap could be set.

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  1. SL Goverment Gone Wild says:

    Again, again and again. Bad management by the SL board. This library thing should be paid for by the people that made the stupid deal. Not the tax payers. Recall Sue Gerber.

  2. $ilver Lake $olutions says:

    I have a solution to our financial woes here in Silver Lake…I propose we ask Salem, Paddock Lake, Twin Lakes and Randall for $100,000 each to help us pay off our sewer loan. Just tack it on to the Library Loan payments they will be sending us.
    Oops……that’s right, we’re footing that bill ourselves…NEVER MIND!

  3. Bernard Punsley says:

    Let’s just get that ol’ credit card out again folks….remember..the half million dollars PLUS is only to fix our WORST sewers, not ALL of them. We’ll need to put those on another credit card. Library credit card is already tapped out, can’t use that one. And we still have to pay for our 2015 “Re-Assessment” of all properties in the village. That money has been budgeted for. We’ll have to use our own credit cards to pay for the astronomical tax increases that we have been dodging for far too long.

  4. SL Goverment Gone Wild says:

    Well I see that the board has hire a high powered attorney to get them out of the problems they caused. At $350.00 per hour his first job is to try to make the board look good. He told them to cut Bobby Williams hours because he has way to many over time hours. He says they need to have some victories. All with tax payers money. Watch all the closed behind the door meetings that happen now.

  5. Pete says:

    Don’t worry, the savings from the empty police cars set around town will make the budget work.

  6. Flip says:

    That idea of parking an empty squad car is not a new idea. Milwaukee County has been using this tactic for years with very good success on the Milwaukee County freeway system. If it slows the speed on School St. it’s a great idea. At least it’s a start in the right direction to controlling expenses in Silver Lake.

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