RMWD to receive $6.7 million in stimulus funds for reservoir covers
Last updated 10/22/2009 at Noon
RAINBOW — Rainbow Municipal Water District (RMWD) has been notified it will receive $6.7 million in funds from the Safe Drinking Water State Revolving Fund and the Federal Stimulus Package for the covering of its North and Northside Reservoirs.
Half of the amount, or about $3.35 million, can be repaid over a 20-year period at an interest rate of about 2.5 percent; the remainder is a grant that does not have to be repaid at all.
The district recently held an election to try to modify Ordinance 95-1, which limits the agency’s ability to borrow money. That election failed by 235 votes....
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