Additional funds need to be covered as Wrangell continues to make improvements on its water treatment plant.
To cover that, the Borough Assembly will discuss accepting a loan from the State of Alaska, Department of Environmental Conservation at Tuesday evening’s meeting.
The interim financing loan of $5,782,000 is normally for commercial use, but the State agreed to lend it to the Borough. Wrangell would save hundreds of thousands of dollars in interest.
The contract states that the City and Borough of Wrangell will have to repay the loan within one year. There will be a loan fee that equates to $28,910.
Additionally, the Assembly will discuss a general tax levy for school and municipal objectives. It will be based on all 2024 taxable properties within the Borough.
No changes will be made since the mill rate will be the same as the previous year. The Mill Levy is 9.75 in the Wrangell service area and 4.0 outside the service area.
The Assembly will also discuss that unpaid property taxes beyond Oct. 15 will accrue interest with penalties. In total, the complete assessed value of property in the Borough for 2024 is $228,613,784.
Furthermore, a public hearing will be held to deliberate the wording for Ordinance No. 1056.
This explains where traffic fines are paid through to the state court system instead of the Wrangell Police Department.
The Wrangell Borough Assembly will hold its regular meeting on May 28 at 6 p.m. in the Borough Assembly Chambers at Wrangell City Hall.
You can listen to the live broadcast of the Wrangell Borough Assembly meeting on KSTK-FM 101.7, or stream online at KSTK.org.
