Lawrence water project has been re-financed

A number of residents of Lawrence may not remember 1998 for any specific reason, but that was a year of importance for the village’s residents.

The village was having trouble with providing water for the residents as the existing wells were failing to supply the necessary water. They decided to secure water from a location north of the village. It was not an easy, or inexpensive way to secure water.

At the time, the project was paid for with a bond through the federal government in the amount of $577,800. Village residents were committed to paying off the 4.5 percent loan over 40 years.

With changes over the past 24 years, the village took action at its February board meeting to refinance the expense. They agreed to a ten year bond with an interest rate of 2.2 percent in the amount of $295,000.

The village will be paying approximately the same amount in monthly payments, but the bond will be paid off five or six years sooner than the original plan.