Rising Sun's debt
by Lisa Tome
Mayor Travis Marion will be nearly 60 years old when Rising Sun pays off the debt for the new wastewater treatment plant.
The town has two loans for that project; one for $8 Million and one for $5 million. That debt with quarterly payments of $81,066 and $48,050 will be paid off in 2054 and 2055. The town also has a loan for the water tower with an annual payment of $63,543.29. The mortgage on the town hall won't be paid off until April of 2032. That payment is nearly $5,800 per month. The town also makes payments twice a year for past street repaving projects. Those payments are $39,381 and $35,381.
And there is more debt pending. The new Chester Water Authority line is expected to cost $8.8 million. Town administrator Calvin Bonenberger has also projected $15-$18 million in additional debt in the coming years.
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