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State health officer briefs Finance committee on SRF loans, forgiveness and $8.9M match request
Summary
Dr. Edney told the Senate Finance Committee the state revolving fund has loaned about $324 million since 1997, carries largely low‑interest, long‑term loans with significant forgiveness options, and needs an $8.9 million state match this year to draw the maximum federal funds.
Dr. Edney, the State Health Officer, told the Senate Finance Committee that the state revolving fund (SRF) — which the department has run since 1997 — provides low‑interest, long‑term loans and has been used extensively by rural community water associations.
"These are not grants, but it is a very favorable, loan program," Dr. Edney said, explaining regular loans carry interest rates below 2% and average 20 years, with 30‑year terms allowed only for infrastructure whose useful life exceeds the loan term.
He described the program's forgiveness structure: a minimum 26% forgiveness element on loans, a 23%…
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