State Revolving Fund helps communities finance drinking and/or waste-water projects

INDIANAPOLIS – The Indiana Finance Authority announced today it has closed approximately $119 million in low-interest financing for the month of June to help the Cities of Brazil, Crown Point, Goshen, Rochester, and Union City to fund drinking and/or waste-water infrastructure projects.

By leveraging the SRF program, the communities named today will save an estimated aggregate of $50.2 million in principal and interest costs, compared to open-market financing. SRF program projects must meet the same level of scrutiny as projects directly funded by the federal government.

 

City of Brazil

The City of Brazil will be provided with nearly $11.3 million in low-interest financing through the SRF program to help fund improvements to the city’s drinking-water systems. Using the SRF program, the city will save approximately $8.5 million in principal and interest, compared to open-market financing. The project will rehabilitate wells, replace a raw water transmission main, install a new distribution main to customers currently receiving raw water, as well as improve the reliability of Brazil’s source water. Doing so will ensure the City of Brazil is able to provide more consistent water quality and help protect public health of residents and businesses in the service area.

 

City of Crown Point

The City of Crown Point received $70.2 million in low-interest financing through the SRF program to fund improvements to the city’s drinking-water and clean water systems. The city will save approximately $11.6 million in principal and interest, compared to open-market financing. The City of Crown Point Downtown Interceptor project will provide the necessary infrastructure required of the City of Crown Points’ CSO Long Term Control Plan and Agreed Order by installing storm drains, sanitary sewer, force main sewer, and associated manhole structures with inlets. This project will allow the City of Crown Point to serve the needs of the growing community.

The city’s drinking water project will relocate an existing water main to allow the completion and replacement of lead service lines within the City of Crown Point. This project will reduce the risk of lead in drinking water and ensure the city can provide consistent, safe water quality.

 

City of Goshen

 The City of Goshen will be provided with nearly $8.1 million in low-interest financing through the SRF program to fund improvements to the city’s drinking-water systems. The SRF program will enable the city to save approximately $6.1 million on principal and interest costs, compared to open-market financing. The project will replace aging water mains and remove galvanized service lines that require replacement due to lead connectors. It will also address water loss concerns and reduce potential lead exposure. The improvements to the city’s drinking-water system will ensure the City of Goshen will be able to provide consistent quality water and help protect public health within its service area.

 

City of Rochester

The SRF program will also provide the City of Rochester with nearly $17.4 million in low-interest financing for improvements to its drinking-water systems. By utilizing the SRF program, the City of Rochester will save $7.4 million in principal and interest compared to open-market financing. This project will construct a new elevated storage tank, replace lead service lines, as well as complete looping projects within the distribution system. The City of Rochester’s project will reduce the risk of lead in drinking water, provide adequate water storage, and increase pressure and flow in the distribution system allowing the city to provide the most safe and reliable water to its service area.

 

City of Union City

The City of Union City received nearly $12.4 million in low-interest financing through the SRF program to fund improvements to the city’s drinking water system. The project will save $15.6 million in principal and interest compared to open-market financing. This project will aid in the installation of a new well, complete improvements to existing wells, increase the capacity of the south water treatment plant, and complete improvements in the distribution system including looping as well as replacement of the lead service lines. The City of Union City project will meet the increasing capacity needs of the community, reduce the risk of lead in drinking water, and increase pressure in the system ensuring the city will be able to provide safe and reliable drinking water.

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.

To learn more about the SRF program, visit www.srf.in.gov