September 14, 2015, the Minnesota Public Facilities Authority (PFA) approved a financing agreement to the City of St. Cloud for improvements to the drinking water system. The PFA’s financing package consists of an $11,732,105 Drinking Water State Revolving Fund (SRF) 20-year loan with an interest rate of 1.00%. Once complete, the Flow Train III project will improve the settling capabilities of the lime softening treatment process.
The Drinking Water SRF is supported through a combination of federal capitalization grants from the U. S. Environmental Protection Agency, state matching funds, loan repayments and bond proceeds from PFA revenue bonds. Since 1999, Minnesota has received $355 million in federal drinking water funds. These funds have been leveraged more than 2 to 1 by the PFA to award more than 385 drinking water loans totaling over $775 million.
The mission of the Public Utilities Department is to provide utility services to our customers in a safe, cost-effective manner, while providing excellent customer service and protecting the environment.