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What’s New with the STATE REVOLVING FUND

What’s New with the STATE REVOLVING FUND. ?. Iowa Rural Water Association Annual Conference February 18-20, 2013. Patti Cale -Finnegan Department of Natural Resources. SRF Background.

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What’s New with the STATE REVOLVING FUND

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  1. What’s New with theSTATE REVOLVING FUND ? Iowa Rural Water Association Annual Conference February 18-20, 2013 Patti Cale-Finnegan Department of Natural Resources

  2. SRF Background The SRF is one of Iowa’s primary sources of financing for drinking water and wastewater infrastructure, storm water quality, and nonpoint source protection

  3. SRF Background SRF programs authorized by Clean Water Act and Safe Drinking Water Act and administered by U.S. Environmental Protection Agency

  4. SRF Background • Iowa Department of Natural Resources • Program planning and prioritization • Project planning and permitting • Environmental review • Federal compliance • Iowa Finance Authority • Financial management • Bond issues • Loan processing • Loan disbursements

  5. 1989 - 2002 LOW-INTEREST LOANS FOR Water and wastewater infrastructure only

  6. 2003 - Present Onsite Septic Systems Water and Wastewater Planning and Design Lake and Wetland Restoration Soil, Sediment, and Nutrient Management Source Water Protection Brownfield Cleanup Energy and Water Efficiency Sponsored Projects Urban Stormwater Landfill Closure

  7. DrinkingWater SRF • Loans for: • Improvements to public water supply systems • Consolidations and connections • Source water protection • DWSRF set-asides fund technical assistance, capacity development, state drinking water program, SWP

  8. Clean Water SRF • Loans for: • Publicly owned wastewater treatment facilities • Sewer system rehabilitation • New systems for unsewered communities • Stormwater management for water quality • Nonpoint source pollution control

  9. Types of Loans • Planning & design • Construction • Source water protection • Stormwater BMPs • Watershed protection

  10. SRF Has Loaned Over $2 Billion

  11. What’s New: Interest Rates • Interest rate for loans up to 20 years reduced to 1.75%. • Interest rate for extended terms (between 20 and 30 years) varies.

  12. What’s New: Fees • Origination fee reduced from 1% to 0.5% • Servicing fee 0.25%. Only charged on outstanding balance. Billed twice/year with interest.

  13. What’s New: Disadvantaged Rate and Term -- DWSRF • Term up to 30 years based on useful life. • DWSRF – must be disadvantaged based on CDBG criteria. • DWSRF– disadvantaged interest rate is 1.75%. • DWSRF – no “non-disadvantaged” interest rate.

  14. What’s New: Extended Term --CWSRF • Term up to 30 years based on useful life. • CWSRF– available to all projects • CWSRF– disadvantaged interest rate is 1.75%. • CWSRF –“non-disadvantaged” interest rate is 2.75%.

  15. What’s New: Disadvantaged Criteria -- CWSRF • Communities must be determined to be disadvantaged based on criteria in Iowa Code section 455B.199B, Disadvantaged Communities Variance, as amended by Senate File 407 on April 28, 2011. • DNR adopted rules to implement the statute. • SRF will use these rules to establish disadvantaged status for purposes of allowing reduced interest rate of 1.75%.

  16. What’s New: Sponsored Projects -- CWSRF • Water Resource Restoration “sponsored projects” • Nonpoint source project (e.g. green infrastructure, watershed protection) paired with wastewater loan • City borrows more, repays same amount, gets two projects for the cost of one

  17. What’s New: Sponsored Project Applications • Application packet on-line at www.IowaSRF.com • Required application workshops: Feb. 26 (Des Moines), Feb. 28 (Coralville), March 13 (Cherokee) • Application deadline: July 19, 2013

  18. How the SRF Helps • “This was our first experience with the SRF.  We appreciated all the assistance we received for our many questions!” Lyon-Sioux Rural Water

  19. How the SRF Helps • “The SRF allowed the City of Stacyville to make the necessary improvements to our infrastructure when it was needed. ”Harlan BisbeeCity Clerk, Stacyville

  20. How the SRF Helps • “The SRF provided the lowest rates available for the City of Shenandoah to finance improvements to the Waste Water Treatment Facility. ”Marcia McKay, City Clerk/Treasurer Shenandoah

  21. How the SRF Helps • “The City of Ankeny really appreciated being able to use SRF funding for our brownfield cleanup project, as well as the guidance provided by the DNR and IFA staff.” Jolee BelzungDirector of Municipal Utilities, Ankeny

  22. How the SRF Helps • “The low-interest loan made a huge difference in my livestock water quality project. The people I worked with were helpful and the paperwork was simple. ” Justin RozeboomSioux County

  23. ? Questions Patti Cale-Finnegan Iowa Department of Natural Resources 515-725-0498 Patti.cale-finnegan@dnr.iowa.gov Lori Beary Iowa Finance Authority 515-725-4965 Lori.beary@iowa.gov THANK YOU!

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