The city of Melbourne, along with 19 other Iowa cities, received State Revolving Fund loans to further water quality projects. Melbourne received $306,000.
A total of more than $42.3 million in low-cost water quality loans through the State Revolving Fund. State Revolving Fund construction loans are a low-cost construction financing option available for Iowa cities and municipalities for water quality initiatives. Planning & design loans are zero percent loans that assist with the first phase of project expenses.
The Iowa Finance Authority and the Iowa Department of Natural Resources jointly administer the State Revolving Fund.
"I commend the 20 cities that recently tapped into the low-cost financing offered through the State Revolving Fund for their shared commitment to advancing affordable, quality water for Iowans," said Dave Jamison, Iowa Finance Authority executive director. "These low-cost loans will mean quality water and will help to maintain affordable water rates for thousands of Iowans for generations to come."
The other cites included: Bonaparte, Burlington, Cambridge, Davenport, Deloit, Des Moines metro area, Dubuque, Gilmore City, Granger, Hills, Indianola, Keokuk, Lambs Grove, Lidderdale, Maquoketa, Monmouth, Sabula, Schleswig and Sioux City.
"Many Iowa cities and municipalities have a wide-array of water quality improvement needs, and we are encouraged to see them take advantage of the low-cost financing through the State Revolving Fund in order to reach their community's needs," said Chuck Gipp, Iowa Department of Natural Resources director.
The State Revolving Fund has awarded Iowa communities and municipalities more than $2 billion in construction loans and $123 million through planning & design Loans since program inception. The loans are made available as part of the State Revolving Fund. For more information on planning & design loans, as well as other State Revolving Fund programs, visit IowaSRF.com.