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Municipalities Saving Millions Through State Revolving Fund Interest Rate Reduction

December 16, 2021 9:18am

The Iowa Finance Authority and the Iowa Department of Natural Resources announce that 30 municipalities with current State Revolving Fund loans for water quality projects will save a total of 7.6-million dollars in interest over the remaining life of their loans.

The savings are a result of interest rates being reduced from three-percent to 1.75-percent.

The Southwest Shoreline Sanitary District in Newell is saving over 360-thousand dollars...the City of Early is saving in excess of 26-thousand dollars...and the City of Odebolt is saving more than 12-thousand dollars.

The State Revolving Fund is one of Iowa's primary sources for financing projects designed to improve Iowa's water quality. Two funds, one for drinking water and one for wastewater and pollution control, have provided low-cost financing to projects in nearly 700 Iowa communities in addition to farmers, watershed groups, and others for water quality projects.