Lockport Union-Sun & Journal — WILSON — The village will begin putting money aside for renovation of the water tower that services both the village and the town.
The Wilson village board adopted a resolution Monday creating the Water Tower Restoration Fund. Starting in the upcoming fiscal year, the village will set aside $20,000 per year for eventual repair of the water tower, up to a maximum of $187,000.
Raising the money in advance will save the village from incurring debt to cover its half of the tab when repairs finally are needed, within the next five years, Mayor Bernie Leiker said.
“We want to get ahead of this possible expense, and save the village from taking out a huge serial bond which could cripple us financially,” he said.
Unspent water tower repair funds would be returned to the village’s general fund, Leiker said.
The board met again Thursday to discuss the tentative 2014-2015 village budget. A report about its contents will be published Saturday in the US&J.