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The city of El Dorado will be waiting a little longer to move ahead on the wind turbine project at the Waste Water and Reclamation Facility after discovering some additional possible funding.
The city was going to consider approval of a resolution authorizing a Department of Energy grant for the project, but city staff recommended they hold off on that action.
"We are looking at alternate funding and grant opportunities," said Herb Llewellyn, city manager.
Kurt Bookout, public utilities director, was looking into a state revolving loan to fund the project. The interest rate for this was 2.66 percent two weeks ago, while general obligation bonds are 5.37 percent.
"I don't know whether or not we can take advantage of the state revolving loan fund that has components that allow principal forgiveness," he said.
The city had applied for and been awarded a Department of Energy Grant.
"We're not sure if the principal forgiveness with the state revolving loan fund would conflict with the Department of Energy," he continued, adding that they were looking into that.
The city had originally been told all of the revolving loan funds were committed, but they received a call Feb. 18 that said they were 80 percent sure the city could take advantage of the program, then on the 21st, they heard that it was 95 percent sure.
"That's the direction we're heading now to finance it through the state revolving loan fund with potential for loan forgiveness," Bookout said.
This is the same program they used for the lift station on Stone Road.
The potential for forgiveness on this project is 45 percent.
"We may have to turn the other grant down and take this one," Bookout said. "We're sorting that out."
The city of El Dorado will be waiting a little longer to move ahead on the wind turbine project at the Waste Water and Reclamation Facility after discovering some additional possible funding.
The city was going to consider approval of a resolution authorizing a Department of Energy grant for the project, but city staff recommended they hold off on that action.
"We are looking at alternate funding and grant opportunities," said Herb Llewellyn, city manager.
Kurt Bookout, public utilities director, was looking into a state revolving loan to fund the project. The interest rate for this was 2.66 percent two weeks ago, while general obligation bonds are 5.37 percent.
"I don't know whether or not we can take advantage of the state revolving loan fund that has components that allow principal forgiveness," he said.
The city had applied for and been awarded a Department of Energy Grant.
"We're not sure if the principal forgiveness with the state revolving loan fund would conflict with the Department of Energy," he continued, adding that they were looking into that.
The city had originally been told all of the revolving loan funds were committed, but they received a call Feb. 18 that said they were 80 percent sure the city could take advantage of the program, then on the 21st, they heard that it was 95 percent sure.
"That's the direction we're heading now to finance it through the state revolving loan fund with potential for loan forgiveness," Bookout said.
This is the same program they used for the lift station on Stone Road.
The potential for forgiveness on this project is 45 percent.
"We may have to turn the other grant down and take this one," Bookout said. "We're sorting that out."
