TRV joint powers board accepts more than $5 million in loans

 

DAYTON — More than $5 million in loans from the U.S. Department of Agriculture were approved by the Tongue River Valley Joint Powers Board Thursday.

The loans, which have a 37-year term and 2.1% interest, include a $3.99 million loan and a $1.79 million loan.

According to Ranchester Mayor Peter Clark, TRVJPB chair, the loans will be used to pay back the $5 million construction loan from First Interstate Bank, which funded the creation of a natural gas pipeline that will serve communities in the Tongue River Valley, including Dayton and Ranchester.

The USDA loans will be repaid through the sale of natural gas in the Tongue River Valley, Clark said.

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