Urbanna is moving towards drilling a new town well. On Feb. 9, the Urbanna Town Council voted to accept terms of a $1 million “bridge” loan that will be used to drill the well. This is a short-term loan for up to 18 months to pay well construction costs.
The USDA Rural Development Department has agreed to loan Urbanna $1 million to drill a new well. The loan will have an interest rate of 1.75% with a term of 40 years. However, the USDA loan does not go into effect until the well has been completed. So the town needs to borrow money to build the well…
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