Several local cities will save money through an interest rate reduction on water quality loans.
The Iowa Finance Authority and the Iowa DNR announced Friday that 25 cities with current State Revolving Fund loans for water quality projects will save more $12 million in interest as a result of their interest rate being reduced from 3% to 1.75%.
The City of Guttenberg will save nearly $72,000 over the remaining life of their loan. The City of Alburnett will save almost $35,000, Oelwein will save more than $24,000 and Edgewood will save over $9,000.
The State Revolving Fund is one of Iowa’s primary sources for financing projects designed to improve Iowa’s water quality.