(St. Paul, MN) – The city of Waseca was one of four cities approved for loans by the Minnesota Public Facilities Authority intended for water and sanitary sewer project in greater Minnesota.
Funding was approved for two loans: a $2.57 million loan from the Drinking Water Revolving Fund, and a $3.69 million loan from the Clean Water Revolving Fund.
The funds will be used to replace water distribution and sewer collection lines along Elm Avenue.
According to the Minnesota Public Facilities Authority, the two 15-year, 1 percent loans will save the city more than $775,000 compared with the cost of conventional loans for the same amount.
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