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Council receives report on $5.5M SRF loan for water-treatment plant expansion
Summary
City staff reported to the council the State Revolving Fund loan of $5,500,000 at 1.85% interest over 20 years for the water treatment plant expansion; council accepted the required public presentation of the loan report.
City staff presented the required public report on the State Revolving Fund (SRF) loan for the water treatment plant expansion during the Jan. 16 meeting. The report, filed with the state comptroller as required, summarized the loan terms and security and was accepted by the council.
Staff said the loan amount is $5,500,000, the interest rate is 1.85 percent and the term is 20 years. Security for the loan includes water quality control revenues and, additionally, state-shared taxes, staff reported. The council moved to accept the report and approved it by unanimous vote, 5–0.
