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Des Moines – State Representative Curt Hanson of Fairfield announced today that the state has reduced a loan rate for the City of Fairfield that will result in a savings of $275,000 for local property taxpayers.

“Lowering the interest rate on an existing loan is the right thing to do and Fairfield taxpayers will benefit from the savings,” said Rep. Hanson.  ”I’m pleased we are able to save money while keeping our water clean.”

The $275,000 in savings will come to Fairfield taxpayers after the Iowa Finance Authority lowered the interest rate on an existing loan Fairfield has through the State Revolving Fund (SRF), which helps communities across Iowa improve water quality.  The interest rate was reduced from 3% to 1.75% on all SRF loans reducing costs by $6.5 million statewide.

The change took effect on June 1, 2013.