Grimes to refinance loans, save 360K
The city of Grimes will use the State Revolving Fund, or SRF, one of Iowa’s primary sources for financing projects designed to improve Iowa’s water quality, to restructure the remaining balance on the $11.3 million it borrowed in 2000 to pay for water infrastructure enhancements. A lower interest rate of 3 percent is expected to save the city $360,494 over the remaining life of the loans, which are scheduled to mature in 2020. The SRF is administered by the Iowa Department of Natural Resources and the Iowa Finance Authority.
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