Waiting to confirm opinions from a financial and legal expert, the El Dorado City Commission tabled a discussion Monday night about paying off approximately $8.3 million in debt from the lake in the 2019 budget.
The debt of stages 2 and 3 is under a 50-year contract that started when El Dorado Lake combined with Bluestem Lake in 1981.
The contract is with the United States Army Corp of Engineers for access to water from 1,296 to 1,339 feet about sea level for city or industrial use. This is about 22 million gallons per day. The city currently uses about 9 million gallons per day.
The city has already paid $3.3 million in interest and is looking to save $8 million in future interest payment with the one time lump sum payment.
(Read more: El Dorado Times)