The village of Sherman will receive additional financing help from the state for its storm sewer project.
The State Environmental Facilities Corporation Board of Directors approved $10 million in long-term interest-free financing for three existing projects in the Village of Lake Placid , the Village of Sherman, and the Town of Woodhall. The short-term financing provides capital for design and construction of projects. Once project construction is completed, the short-term financing is typically refinanced to long-term financing for up to 30 years, saving municipalities significant interest expenses versus financing on their own.
Based on current market conditions, these long-term interest-free financings are projected to save ratepayers an estimated $15 million in interest payments over the life of the financings.
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