County program needs $1.5 M
Faribault County Auditor/Treasurer John Thompson calls it a real success story. So does Michele Stindtman of the Soil and Water Conser-vation District office.
They were at a recent Faribault County Commissioners meeting to give an update on the Sub-surface Sewage Treatment System loan program (SSTS).
Stindtman reported to date there have been 1,190 new septic tank systems installed in the county under the program.
Thompson told the county board the program is so successful he needs permission to go ahead with another bond sale to continue to fund SSTS loans.
He says the amount of the bond will have to be $1.5 million in order to go through 2012 when the program is scheduled to end. The board approved having Thompson start the procedure for the bond sale.
Under the SSTS loan program, homeowners may borrow a majority of the cost of putting in a new septic system, having the amount put on their taxes, and repaying it over 10 years at 7 percent interest.
Thompson says the program has been in place for over 10 years and has been a success.
He was quick to point out that no taxpayers’ dollars are involved.
“The amount we take in from homeowner loan payments each year pays for the bond repayment amount,” he says.
The county has averaged around $400,000 in loans each year.
To read more of this story, see this week’s Register.