Here¹s a nice victory for the environment.

Lyle

> ------ Forwarded Message
> From: Governor Tom Vilsack <[log in to unmask]>
> Date: Wed, 20 Mar 2002 14:59:25 -0600
> To: "Mailings from the Iowa Governor's Office" <[log in to unmask]>
> Subject: FW: Vilsack signs bill making millions of dollars available to he lp
> protect Iowa's rivers, lakes and streams 3.18.02
> 
>  -----Original Message-----
> From:     Joe Shannahan
> Sent:    Monday, March 18, 2002 1:36 PM
> Subject:    Vilsack signs bill making millions of dollars available to
> help protect Iowa's rivers, lakes and streams 3.18.02
> 
>  <<water srf 3.18.02.doc>>
> 
> For immediate release         For more information
> Monday, March 18, 2002        Joe Shannahan, 515-281-0173
> 
> Vilsack signs bill making millions of dollars available to help protect Iowa's
> rivers, lakes and streams
> 
> DES MOINES - In an ongoing effort to improve the quality of Iowa's water,
> Governor Tom Vilsack today signed legislation that makes tens of millions of
> dollars available in low-cost loans for projects with a clean water benefit.
> 
> "This law will have a tremendous impact on the quality of one of our state's
> most important resources our water," Vilsack said.  "There is now a large pool
> of money available to support projects that clean up nonpoint source water
> pollution."
> 
> Senate File 2145 broadens the uses of the State Revolving Fund (SRF) to
> include nonpoint source water pollution control projects.  Previously, only
> drinking water and wastewater treatment facility improvement projects were
> eligible for SRF loans.  The new law also expands eligibility for SRF
> borrowers to include individuals and other entities undertaking projects with
> a clean water benefit.  Previously, only municipalities and water systems were
> eligible for SRF funding.
> 
> "Iowa's sound management of federal resources ensures the lowest cost
> financing available anywhere for water improvement projects now and in the
> future," Vilsack said.
> 
> Environmental groups, farmers, developers, conservation districts and other
> private entities can apply to the fund for a variety of projects addressing
> nonpoint source water pollution, such as acquiring land for conservation
> easements, restoring wetlands, demolishing and redeveloping old manufacturing
> sites and junk yards along river banks and other remediation activities,
> Vilsack said.
> 
> Nonpoint source pollution is the nation's largest source of water quality
> problems.  It occurs when rainfall, snowmelt or irrigation runs over land and
> through the ground, picks up pollutants and deposits them into rivers and
> lakes or introduces them into the groundwater.
> 
> The SRF is jointly operated by the Iowa Department of Natural Resources (DNR)
> and the Iowa Finance Authority (IFA).  The U.S. Environmental Protection
> Agency annually administers capitalization grants to states for state
> revolving funds.  States must provide matching funds at a ratio of 80 percent
> federal to 20 percent state.  IFA issues tax exempt bonds, the proceeds of
> which provide for the state match portion of the fund.
> 
> Late last year, IFA and DNR restructured the SRF, lowering the interest rate
> for loans to 3 percent.  The restructuring also freed up nearly $60 million
> that was held in case reserves as required by the old program structure.
> These are the funds that will be available for nonpoint source pollution
> control projects.  DNR will develop administrative rules to implement the SRF
> for nonpoint sources.
> 
> At the bill signing ceremony on the banks of the Des Moines River, Governor
> Vilsack was joined by representatives of agriculture, environmental and
> conservation groups, utilities, local government, the legal and financial
> community and state agencies involved with the SRF legislation.
> 
> The SRF for clean water, created in 1988, currently has $242 million in loans
> outstanding to 131 municipalities for sewage treatment programs. The SRF for
> drinking water, created in 1997, has $37 million in loans outstanding to 36
> municipalities.
> 
> ####
>