Troy’s water rates are set to rise.
The Town of Troy voted to raise water rates at their town council meeting last Wednesday.
CPA and senior partner with LWG Advisors in Indianapolis explained that Troy committed itself to an increase of around 49% as a condition of the low-interest US Department of Agriculture Loan. The loan’s interest rate is around 1.6%, with the loan duration taking up 40 years.
Troy town manager Bernard “Pudder” Linne stated that the cheapest option for the town was to build their own filtration plant instead of piping water in from an outside source.