The town of Pearl River’s third water well is finished.

Mayor James Lavigne said at the town meeting Tuesday night that the well was dug to 2,000 feet and is flowing freely at a rate of 1,603 gallons per minute.

Lavigne said the town saved money for years so it would be able to pay cash for the new well, but in order to finish out the next two phases of the project the town is going to have to borrow money. The well is located off Louisiana Highway 1090 behind the McDonald’s on a small piece of property purchased by the town.

He had planned to have a water tower constructed as the second phase of the project. That would cost $1 million, and the town would have to borrow money to pay for that part of the project.

However, after discussing the issue with engineers, Lavigne said he has been informed that it would be more appropriate to install the water lines tying the new well into the existing system first before constructing the new tower.

The new line will cost an estimated $600,000, and Lavigne said the town would have to take out a loan to pay for it. With the Board of Aldermen’s blessing, he will work with the bond attorney to acquire the loan, and the town will use the quarter-cent sales tax already levied to pay it back.

The town has two loans it is paying, one that funds sewer and another that go towards water service. Lavigne said both of those 20-year loans will be paid off in three years. He hopes to stretch the $600,000 loan out over 10 years.

He hopes to obtain a grant for to fund the construction of the tower, but if not, he said the town will be in the position in three years, after the other two loans are paid off, to borrow more money.

He said the town is not hurting for money yet, but, like everywhere else, sales tax revenue is down, and he does not want to take on two new loans until the other two are paid off. He said he just doesn’t want to get the town into a position where it has more loans owed than it can pay off.