(Armstrong)– The Iowa Finance Authority has approved a proposal allowing the city of Armstrong to refinance a loan through the State Revolving Fund at a lower interest rate. Officials say it will save the city more than 23-thousand dollars.
The city of Armstrong took out the 455-thousand dollar loan in 1995 at an interest rate of 4.54 percent. The IFA is allowing the city to refinance it at a lower three percent rate. The loan is due in 2015.
The Iowa Finance Authority administers SRF loans which provide assistance in ungrading water and wastewater treatment facilities, resulting in lower water and sewer bills for residents.
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