Barry Electric to receive $3.175 million federal loan
On Jan. 22, U.S. Sen. Claire McCaskill announced that the United States Department of Agriculture will provide Barry Electric Cooperative with a $3.175 million low-interest federal loan.
"This is a reimbursement for work that has already been done," said Bill Shiveley, Barry Electric chief executive officer and general manager. "It was for work that was done through our work plan over a three- to four-year period."
Every two or three years, Barry Electric submits a loan application to Rural Utilities Services (RUS) for reimbursement funds. The most recent application was submitted in April of 2008.
"If we didn't make these applications to RUS for the work that we have done, our rates would be so much higher than they are now," said Shiveley.
Last week, Shiveley received notice from RUS that Barry Electric's application for reimbursement funds had been approved. The loan will reimburse the cooperative for new construction, repairs, maintenance and conversions that were completed from 2006 to 2008.
"We will be receiving loan documents in the near future," said Shiveley. "We will fill out the documents and receive authorization from the board. Then we will send the documents back to be reviewed by RUS for final approval."
Barry Electric could begin drawing funds from the low-interest federal loan in May or June.