Peoria City Council authorized a Water Infrastructure Financing Authority loan in an amount not to exceed $17.7 million with $1 million in forgivable principal to expand the city’s reclaimed water system.
WIFA is the state’s “bond bank” and administers the Arizona State Revolving Funds. WIFA can issue bonds for water and wastewater infrastructure at low costs and pass the savings on to municipal borrowers.
The authority also offers principle forgiveness for certain loans, for example, the borrower does not have to repay the principle forgiveness amount on certain loans if all federal requirements are met.
