December 20, 2021

 25 Iowa Municipalities to Save a Total of more than $12 million through State Revolving Fund Interest Rate Reduction


Iowa Municipalities to Save through Interest Rate Reduction on Water Quality Loans

 

 

DES MOINES – The Iowa Finance Authority and the Iowa Department of Natural Resources announced that 25 municipalities with current State Revolving Fund loans for water quality projects will save a total of more than $12 million in interest over the remaining life of their loans as a result of their interest rate being reduced from 3% to 1.75%.

 

The State Revolving Fund is one of Iowa’s primary sources for financing projects designed to improve Iowa’s water quality. Two funds, one for drinking water and one for wastewater and pollution control, have provided low-cost financing to projects in nearly 700 Iowa communities in addition to farmers, watershed groups and others for water quality projects. The program is jointly administered by the Iowa Finance Authority and the Iowa Department of Natural Resources.

 

“The State Revolving Fund has been recognized for partnering with local governments to finance some of the most innovative and far-reaching water quality projects in the country,” said Iowa Finance Authority Executive Director Debi Durham. “We’re proud of this partnership as well as the ability to help many SRF borrowers realize substantial savings and the ability to reallocate the funds elsewhere in their budgets, a benefit that may prove to be especially critical in 2020.”

 

“The City of Clinton has saved $5.7 million through the interest rate reduction on our State Revolving Fund water quality loan,” said City of Clinton Finance Director Anita Dalton. “This savings is timely and will provide the City with some flexibility as we work to navigate the potential impacts of COVID-19.”

 

“This program is an excellent example of successful partnerships between state and local governments,” said Iowa Department of Natural Resources Director Kayla Lyon. “We are proud to play a role in assisting communities and municipalities of all sizes upgrade their water infrastructure – an investment their residents will benefit from for years to come.”

 

Besides offering communities low interest rates to finance water infrastructure projects, the State Revolving Fund offers other benefits, such as lower up-front costs and no reserve requirement. 

 

For more information on the State Revolving Loan program, visit IowaSRF.com.  

 

The Iowa Finance Authority administers the State Revolving Fund (SRF) in partnership with the Iowa Department of Natural Resources. The SRF assists communities with the costs of upgrading or constructing public wastewater and drinking water infrastructure projects.

 

 

Municipalities with recent interest rate reductions:


 

BORROWER

SAVINGS

CONTACT

City of Albert City

$8,437

Angie Nielsen: 712-843-5613

City of Alburnett

$34,781

Danielle Brecht: 319-842-2692

City of Algona

$81,887

Deb Bell: 515-295-2411 

City of Belmond

$322,337

Darrel Carlyle:  641-444-3386

City of Clinton

$5,762,050

Anita Dalton: 563-242-2144

City of Coralville

$141,175

Tony Roetlin: 319-248-1700

City of Corydon

$91,956

Eva Moore: 641-872-1826

City of Davenport

$1,156,100

Mallory Merritt: 563-326-7789

Des Moines County Regional Solid Waste Commission

$399,236

Hal Morton: 319-753-8126

Des Metropolitan Wastewater Reclamation Authority

$1,397,350

Roxane Vaughan: 515-323-8008

City of Dubuque

$907,550

Jenny Larson: 563-589-4398

City of Edgewood

$9,268.75

Cindy Vorwald: 563-928-6842 

City of Ely

$41,843

Luanne Miller: 319-848-4103 ex. 7

City of Guttenberg

$71,850

Denise Schneider: 563-252-1161 ext. 203

City of La Porte City

$136,837

Bill Matthes: 319-342-3396

City of Lewis

$13,387

Carrie Kirchhoff: 712-769-2216

City of Marion

$131,318

Todd Steigerwaldt: 319-743-6311

City of Newell

$31,962

Sierra Olsen: 712-272-4410

City of Oelwein

$23,537

Barbara Rigdon: 319-283-5440

Polk County

$514,037

Robert Rice: 515-286-3705

City of Sioux City

$419,637

Teresa Fitch: 712- 279-6280

City of Stacyville

$72,443

Harlan Bisbee: 641-710-2647

City of Stanton

$31,668

Marilyn Rubel: 712-829-2654

City of Wapello

$34,225

Mike Delzell: 319-523-4091

City of Wellman

$221,218

Kelly Litwiller: 319-646-2154

 

$12,056,099