IEPA OKs water plant loan modifications
With approval of a water rate hike, the Illinois EPA has approved a debt modification of Virginia’s two loans which financed its 2013 water system. The loans will be extended 10 years and greatly ease finances for the city.
“Nobody wanted to raise water rates, but it had to be done,” said Mayor Reg Brunk at the April 11 council meeting. “We had no choice. If we didn’t go with the increase, we couldn’t have gotten the loan modification.”
The council gave final approval to raise city water rates. While the minimum rate remains $38, it reduced the 2,000 gallon minimum to 1,000 gallons. Additional gallons will be prorated at $8.50 per 1,000.