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Legislative News and Views - Rep. Dean Urdahl (R)

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URDAHL ANNOUNCES EDEN VALLEY GAINS FINANCING APPROVAL FOR TWO WATER-RELATED PROJECTS

Wednesday, October 14, 2009
ST. PAUL - State Rep. Dean Urdahl, R-Grove City, announces the Minnesota Public Facilities Authority has approved two separate financing packages that could save Eden Valley taxpayers more than $225,000 in local water-related projects. One financing package is a Clean Water Revolving Fund loan which will be used for replacing an existing lift station, sewer line and center pivots. Terms of the loan are $660,457 for 20 years at an interest rate of 1.744 percent. The MPFA estimates the favorable financing conditions will save local taxpayers at least $142,968 in interest costs when compared with current market rates available for general obligation bonding. Urdahl authored House legislation to provide this funding. The other funding is a Drinking Water Revolving Fund loan which will be used to replace a water main in northeast and southeast parts of Eden Valley. This package includes a $286,462 loan for 20 years at a 1-percent interest rate. The MPFA figures Eden Valley taxpayers will save $82,461 compared with general obligation bonding. That adds up to a total savings of at least $225,429 for Eden Valley taxpayers. “This is good news for the people of Eden Valley,” said Urdahl, a member of the Capital Investment Committee which authorizes funding for these types of programs. “Congratulations to city officials and citizens for earning this funding. I was happy to support providing funding for these important projects that will improve Eden Valley's infrastructure.” -30- Dean Urdahl represents District 18B in the Minnesota House of Representatives. The district includes most of Meeker County and a portion of Wright County. This is Urdahl’s fourth term in the Legislature after being elected in 2002, 2004, 2006 and 2008.
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