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Altoona council moves to pursue up to $66 million in SRF loans for Water Treatment Plant 4
Summary
The Altoona City Council adopted a resolution Feb. 2 to pursue State Revolving Fund loans to finance Water Treatment Plant 4 and related wells and mains, with the city’s application scheduled for Iowa Finance Authority consideration in March 2026. The public hearing drew no comments.
The Altoona City Council on Feb. 2 adopted a resolution to pursue State Revolving Fund (SRF) loans to finance construction of Water Treatment Plant 4, related wells and main extensions, and to borrow up to $66,000,000 in principal under a Water Revenue Loan and Disbursement Agreement.
Finance Director Andy Lent told the council the city plans to finance the project through the SRF “for water and wastewater improvement projects,” which he said offers lower interest rates than issuing bonds on the open market. Lent said the plan anticipates three separate loans repaid from water revenue and that the city’s application will go to the Iowa Finance Authority Board at its March 2026 meeting.
A public hearing on the loan opened and closed at 6:31 p.m. with no public comments, and the council then approved additional action on the loan proposal by roll call vote; the record indicates the motion carried with four affirmative votes and one member absent.
The action lets city staff finalize the SRF application and related documents; if the Iowa Finance Authority approves the application in March, the city will move into loan closing and project implementation steps. The council did not set financing or construction timelines in the meeting minutes included in the public packet.
