LE SUEUR, Minn. (KEYC) – The City of Le Sueur is nearing the end of an $8.3 million project this spring to improve and replace water, sewer and road infrastructure on North Fourth Street.
To help pay for the project, Joe Roby, the city administrator, says that the city has been approved for a set of two loans from the Minnesota Public Facilities Authority’s Drinking Water and Clean Water Revolving Loan Programs.
In total the city has received $6.3 million in loans to support the project at an interest rate of 2.2 percent, a little more than half the rate it would receive through a bonding process.
“Just the interest savings alone, allows us to free up future dollars that we can put into other things, whether its just annual road maintenance, annual utilities maintenance, basic operations maintenance of our utility infrastructure,” Roby said.
Roby says getting access to loans like these can make it more accessible for cities to pursue long term maintenance projects.
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