Published Friday, July 28, 2000
SHARON
City borrows $300,000 to repair storm sewer
Sharon City Council approved incurring several hundred thousand dollars of debt Thursday to fix a collapsed storm sewer in the city.Council took out a $300,000 general obligation note to Sky Bank to repair and replace storm sewer lines on Budd Street at an interest rate of 5.58 percent. Solicitor William Madden said the estimate by engineers was fair and reasonable, and the storm sewer should have at least a 20 year lifespan. Sky Bank was the lowest bidder for the loan.
The damaged storm sewer is causing problems for Budd Street residents because water is leaking into basements and flooding.
The city applied for a PENNVEST loan to cover the cost of the project. PENNVEST is a low-interest state program available to municipalities for sewer work.