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VILLAGE OF SLEEPY HOLLOW
AN EQUAL OPPORTUNITY EMPLOYER
A 1.2 million dollar water system improvement program this coming summer. After spending some $500,000 for “lost” water from our inefficient system the past few years the board has taken advantage of the low interest rates for borrowing funds to move forward with an aggressive improvement project. By borrowing $700,000 from a local financial institution and combining it with a $500,000 internal loan from other village accounts, the project will complete in one construction season what would have taken some 15 or 20 years to do with small piece-meal type of improvements that has been done in the past.
The project will consist of replacing 2,450 feet of 4 inch pipe, 600 feet of 2 inch pipe, and 465 feet of 6 inch pipe with new 8 inch pipe. There will be 1,100 feet of 8 inch pipe installed to improve quality issues, 250 feet of 8 inch pipe will be installed to expand the system, 41 additional fire hydrants will be added to improve fire protection capabilities and 14 new valves will be installed for flow control. All of this will result in a more reliable water distribution system and save the village money in the long run.
To pay off the loan obtained to finance this project, residents on the village water system will see the addition of a $6.70 fee to their monthly bills. While the loan is structured for a 10 year pay back, there is no pre-payment penalty so it is the boards’ intention to pay off the loan in less than 10 years. The improvement to the overall efficiency of our water distribution system will make this possible. At that point the loan fee addition to the water bill will be rescinded and the funds borrowed internally will be repaid utilizing the savings realized from the improvement project.
Posted until further notice
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