Funds found for SLIB requirement

In 1994, the town completed the Moorcroft Water Supply Project; the loan associated with the job came with a restriction on the water reserve fund. The project has been paid off and the council needs to move that money to another restricted account to comply with a requisite from SLIB for a new loan.

Town Clerk/Treasurer Cheryl Schneider recently called on the Wyoming Water Commission, requesting the release of the original obligation and has been granted the discharge of all but $10,000 of the restricted $36,866 the town of Moorcroft was obligated to retain in reserve for emergency repairs and maintenance until a previous water project loan was paid off, which happened a couple of years ago.

This $26,866 will be combined with $20,165 from the third specific fund to provide the required $47,031 to be moved to a new restricted account for the first phase of the Moorcroft Powder River Water project to start in the spring.

This previously undisclosed requisite by SLIB is to ensure the town has at least three months worth of loan payments immediately available until the loan is paid in full. The state will monitor the account on a quarterly basis.

Schneider had been waiting for confirmation of the release of said funds for this purpose for a couple of weeks. At Monday night’s council meeting, though, she reiterated that this action will significantly diminish the water reserve for any needed repairs in the immediate future.