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SILVER LAKE - A summary of proposed options for a United States Department of Agriculture bond was presented to the Silver Lake Town Council at their year-end meeting on Monday.
Baker Tilly was unable to attend the meeting, but Tonya Conley, clerk-treasurer, gave a summary of the two options they have moving forward with the USDA bond.
The first would be a bond of $1.2 million. With a 5.25% interest rate, a rate chosen as a worst-case scenario, the yearly payments for the town would be a $77,000 bond payment with interest.
The second option would be a bond of $1.6 million. With a 5.25% interest rate, again a worst-case scenario, the yearly payments would be a $107,000 bond payment with interest.
Both of these annual bond payments would depend on the interest rate at the time the bond application is approved.
A bond of $1.2 million would allow the Town of Silver Lake to complete the community center as currently designed. A bond of $1.6 million would allow the town to complete the community center with the alternate design. Further discussion with Baker Tilly is needed before the council decides which option to pursue.
Resolution 25-05-12 was also passed to make Medard “Hugh” Murfin, Silver Lake Town Council president, the designated signer for this contract. The resolution states the town council would do a public hearing on the topic and submit the application to the USDA. It passed with two votes, as Council member Nichole Taylor was unable to attend.
Murfin asked Conley whether they would still be able to begin construction in the spring, and Conley responded it depended on the USDA’s review schedule, but the USDA bond application should hopefully be completed and approved by spring.
Conley said she should have more information when she meets with Baker Tilly representatives on Jan. 8.
In other business:
• The 2026 fire contract had no changes made and was approved.
• The 2026 water and sewer budget, 25-03-12, was approved. It was similar to last year’s, but additional funds were set aside because of issues found with the filters.
• The year-end appropriation transfers, 25-04-12, were approved.
• The town council voted to approve the 2026 Baker Tilly contract.
