By MyFM's Rick Michaels - At a Special Town Meeting in Milford last night, Town Meeting members overwhelmingly approved the towns purchase of the Milford Water Company. The 63-million dollar price tag was worked out months ago while town officials did its due diligence with the Board of Selectmen ultimately deciding now is the time to make the purchase. Town Meeting members easily passed the question by the two-thirds margin needed. The final tally was 151 in favor and 20 opposed. Milford Selectmen feel residents will be better served and officials held more accountable with the town purchasing the Milford Water Company and last night Town meeting members agreed. It’s also been determined a water rate hike of between 15 and 30 percent will be necessary for much needed improvements. The cost of the 63-million dollar purchase would be financed with a 30-year bond with interest. That cost would be closer to 100-million dollars.