The City of Washington will be saving $100,000 annually for the next 20 years thanks to a recent loan refinancing.

City Finance Director Kelsey Brown presented several items for the council pertaining to the wastewater plant/west side interceptor State Revolving Fund loan that was issued 10 years ago. The city was eligible to refinance the loan from the old SRF rate of 3% to the current rate of 1.75% creating these savings. Mayor Jaron Rosien gave some background on the loan, “When this was bonded for a 30 year note it was the DNR that had determined our plant could have imminent failure. It was required by law that we tackle that project and this was the way that the administrator at the time Mr. Plyman directed the council to do it. And happily we are in a better position thanks to Kelsey and the work that has been done to lock in the best interest rate.”

The council approved amending the loan and disbursement agreement for the $16.316 million note with a current outstanding amount of $11.345 million.