The Water Infrastructure Finance Authority of Arizona (WIFA) announced today that it had closed a $2,568,738 20-year DWSRF loan with Oak Creek Public Service. The loan carries a 2.415% interest rate and features $210,089 in Principal Forgiveness.
The loan will fund the replacement of a 48,000 gallon tank with a 65,000 gallon tank. It will also fund the replacement of the mainline shutoff valves, meters and meter boxes, move the main well meter, and install new lines to existing mainlines. They will also install a generator switch and replace non-compliant piping.
WIFA is a governmental organization dedicated to protecting public health and promoting environmental quality through financial assistance for water and wastewater infrastructure. WIFA is Arizona's administrator of the Clean water and Drinking Water State Revolving Funds (CWSRF and DWSRF) and provides funding for drinking water, wastewater, and stormwater projects. The SRF programs function like infrastructure banks by providing low-interest loans to eligible recipients for drinking water and clean water infrastructure projects. Over the last 30 years, WIFA has proudly invested over $3 billion in Arizona's communities.