Thanks to a change in policy, 114 Iowa communities will benefit from current State Revolving Fund loans interests rates being dropped from 3 to 1.75 percent as of June 1.
The following Jasper County communities will benefit from the change:
• Colfax, which has two loans, will save $67,487.50 over the lifetime of the loans.
• Monroe will save $12,637.50 over the lifetime of the loans
• Newton will save $93,075 and Newton Waterworks will save $26,287.50 over the lifetime of their respective loans.
• Prairie City will save $33,912.50 over the lifetime of its loan.
• Sully will save $12,350 over the lifetime of its two loans.
The loans were financed through a joint program from the Iowa Department of Natural Resources and the Iowa Finance Authority. The purpose of the State Revolving Fund loans is to help improve the quality of water in Iowa.
“Iowa’s State Revolving Fund is a win-win for Iowans and Iowa communities of all sizes,” DNR director Chuck Gipp said. “The program offers low-interest loans to help communities affordably build or update water facilities, resulting in lower water and sewer bills for Iowans.”
Staff writer Ty Rushing may be contacted at (641) 792-3121, ext. 426, or at trushing@newtondailynews.com.