$20M Loan for Milford Water Co. Approved
Milford Water Co. received permission Thursday to obtain up to a $20 million loan to cover construction of the new water treatment plant. The town had unsuccessfully argued for a smaller amount.
The Milford Water Co. received approval Thursday to borrow up to $20 million to complete construction of the water treatment plant. The state's Department of Public Utilities approved the loan, despite a request from the town of Milford for a smaller cap on the debt, of $18 million. The approval allows Milford Water Co., a private utility company, to enter into a loan agreement with People's United Bank. According to the approval order, the company is seeking a 10-year loan that would be interest-only for the first two years. The plant is to be completed by April 30, 2013, and operating within the next month. If the Water Co. returns to the state agency with a request for an increase in Water Company rates, paid by customers, which is …
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