The Rainbow Municipal Water District board approved a financing agreement for a group of planned capital projects.

The March 22 board vote authorized Rainbow general manager Tom Kennedy to execute a financing agreement with Western Alliance Business Trust for $9,750,000. The financing will have a 3.55% interest rate and will be repaid over a 20-year period.

The funding will be used for five projects which are known as the “Wholesale Water Capital Projects,” and although the financing is for $9,750,000, the board action approved a budget of $9,700,000 for those projects while also fin...