The Indiana Finance Authority (IFA) announced it has closed nearly $38 million in low-interest loans in the month of May to help the Towns of Milton, Milford, and Citizens Water Authority to finance drinking and/or waste-water infrastructure projects.
The State’s financial assistance will save the utilities an estimated $27 million in principal and interest costs, compared to open-market financing.
Citizens Water Authority
The Citizens Water Authority (CWA) received a $27 million low-interest loan through the SRF program to help fund improvements to the city’s drinking-water systems. Using the SRF program, the CWA will save approximately $13 million in principal and interest, compared to open-market financing. The purpose of this project is to complete the necessary improvements to the distribution system which will address the high frequency of water main breaks, reduce water loss, and reduce potential lead exposure. By replacing aging water mains and removing lead service lines in the distribution system, Citizens Water Authority will be able to provide more consistent water quality and help protect public health of residents and businesses in the service area.
Town of Milford
The Town of Milford received a $6.9 million low-interest loan through the SRF program to fund improvements to the town’s drinking-water systems. The town will save approximately $7.6 million in principal and interest, compared to open-market financing. This project will allow the Town of Milford to install new water mains to eliminate dead ends, remove lead service lines, install a backup generator and mixer at the elevated storage tank, and install iron and manganese treatment. The project will also improve pressure and flow in the system, reduce potential lead exposure, and address iron and manganese levels for the Town of Milford. The changes ensure the Town can provide consistent water quality and help protect public health within its service area.
Town of Milton
The Town of Milton received nearly $4 million in low-interest financing through the SRF program to fund improvements to the town’s drinking-water systems. The SRF program will enable the Town of Milton to save approximately $6.4 million in principal and interest costs, compared to open-market financing. The project aids with improvements to the Town’s water distribution system will include the installation of a bulk filling station at the water treatment plant as well as removal of lead service lines from the project area. The changes ensure the Town of Milton will be able to provide consistent quality water and help protect public health within its service area.
The IFA administers the SRF loan program with joint funding from the U.S. Environmental Protection Agency and the State of Indiana. SRF loan programs operate in all states to provide resources necessary to maintain and improve the infrastructure that protects our valuable water resources.
