Commissioners refinance loan for sewage plant
LISBON — Columbiana County commissioners agreed Wednesday to refinance the bank loan used to fund construction of a mini-sewage treatment plant that serves Beaver Local schools.
Commissioners obtained the loan 10 years ago from Farmers Bank in the amount of $383,000 to build the treatment plant, which also serves the Crossroads Assisted Living facility and the trailer park on Echo Dell Road. The plant is also large enough to accommodate Beaver Creek State Park should the state ever decide to extend sewer service to the park.
Troy Graft of the county engineer’s office said the original loan had an interest rate of 4.7 percent and was only for 10 years. Rather than pay off the $229,000 still owed, they are recommending refinancing the loan and taking advantage of the lower current interest rate of 2.95 percent. This will lower the annual loan payments by $2,200.