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Public Finance Authority describes state revolving fund loans, legacy bonds and building authority limits
Summary
The Public Finance Authority briefed the House appropriations committee on the SRF loan program, legacy fund bonds and the building authority, explaining that the PFA issues and sells bonds to provide low‑cost loans for water and infrastructure projects and that outstanding bonds total roughly $1.1 billion.
Diane Eymond, executive director of the Public Finance Authority, told the House Appropriations Government Operations section that the PFA’s statutory authority is in the Century Code (testimony cited 6‑90.4) and that the authority’s primary mission is providing low‑cost financing to political subdivisions.
Eymond described the state revolving fund (SRF) program, which combines EPA capitalization grants and bond proceeds to provide low‑interest loans for drinking water, sanitary sewer, storm sewer and related projects. She said SRF loans are typically made at about 2 percent and that the PFA evaluates creditworthiness; the Industrial Commission approves any SRF loan above $2 million. She also said the PFA sold about $150 million in bonds in 2024 to leverage the program.
To illustrate…
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