The Water Infrastructure Finance Authority of Arizona (WIFA) announced today that it had closed a $239,580 20-year DWSRF loan with the Morristown Water Company. The loan carries a 2.760% interest rate and features $203,643 in Principal Forgiveness.
The Company plans to make various well site improvements, repair their pressure tank and storage tank, replace booster pumps, and replace their customers water meters. The Company will also hire a consultant to complete an alternative water supply study.
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.