(EVANSVILLE) – A low-interest loan is expected to help Evansville improve the city’s drinking water distribution system by replacing aging main pipes and support infrastructure.
The Indiana Finance Authority says Evansville has closed the $77.2 million loan through its Drinking Water State Revolving Fund Loan Program to finance upgrades to the system. The program will save the city nearly $5 million in interest costs over the life of the loan.
The Indiana Finance Authority administers the program with joint funding from the U.S. Environmental Protection Agency and the state of Indiana.
Existing water main pipes throughout Evansville are near the end of their service life and are prone to failure and leaking.