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<br />. <br /> <br />Honorable Mayor and City Council <br />January 20, 1993 <br />Page Two <br /> <br />3. State Revolving Fund Program <br /> <br />U.S. Environmental Protection Agency (EPA) grant funds are no longer available. <br />However, loan funds are usually available through the State Revolving Fund. The <br />advantage of the loan program is that the interest rate is below market rate. The <br />disadvantage is the added requirements' "red tape" may offset any interest rate gain. We <br />would recommend the City at least submit the facility plan to the MPCA to reserve the <br />option of pursuing the loan program. This also keeps the City on the needs list should <br />federal grant funds become available in the near future. We would also recommend the <br />City's Finance Director work with us to investigate the loan program further in an effort <br />to determine the specific pros and cons. <br /> <br />We will be available at your January 25th City Council meeting to discuss these issues further. <br /> <br />Sincerely, <br /> <br />MAIER STEWART & ASSOCIATES, INC. <br /> <br />. k(;<j j11Ia<~,uJ <br /> <br />Terry J.-1jaurer, P.E. <br /> <br />TJM:tp <br /> <br />151-2103.jan <br /> <br />. <br /> <br />, ... ~.~,,-,_.- <br />