(MARTINSVILLE) – The City of Martinsville closed a low-interest loan, in the amount of $6,026,000, through the Indiana Finance Authority’s Drinking Water State Revolving Fund (SRF) Loan Program to finance improvements to the City’s drinking water system.
By utilizing the SRF Loan Program instead of securing a traditional loan, Martinsville will save approximately $1,110,000 dollars in interest costs over the life of the loan.
The SRF Loan Program is administered by the Indiana Finance Authority, with joint funding from the U.S. Environmental Protection Agency and the State of Indiana. The City’s project will upgrade treatment systems, improve the distribution system, install three new wells, construct a new office building, and a new lab building. The project will ensure the City is able to continue to provide consistent quantity and quality of water, and further protect the public health of residents and businesses in the Martinsville service area.
SRF Loan Programs operate in all States to provide the resources necessary to maintain and improve the infrastructure that protects our valuable water resources. Communities can get more information about obtaining an SRF loan by contacting Stephanie McFarland at (317) 709-8728, firstname.lastname@example.org, or by visiting www.srf.in.gov.