OSKALOOSA WATER DEPARTMENT GETS BREAK ON INTEREST RATE

Oskaloosa Water Department gets break on interest rate

The Oskaloosa Municipal Water Department will be saving some money.  The Department took out a loan from the State Revolving Fund (SRF) for water treatment improvements made in 2009 and 2010.  Crystal Brueklander, the Oskaloosa Municipal Water Department’s office manager, says they’re getting a break on the loan’s interest payment.

“The SRF loan is for 20 years and after ten years, half way through it, you can go back in and have the interest rate reduced from 3% to 1.75%.”

Breuklander says the Water Department will save about $302,000, roughly $30,000 a year in interest payments.  Oskaloosa is one of 18 Iowa communities getting a break on interest payments on their State Revolving fund loans.

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