The community of Frankville has qualified for a loan from the Iowa DNR's State Revolving Loan Fund--a loan that will be used to build a community water system for Frankville.
In fact, the state has approved up to $762,000 in loans, with 50 percent of that amount in the form of a forgivable loan. The other half of the amount will carry a 3.25 percent interest rate.
Consulting engineer George Tekippe says that's a better loan award than the 40 percent forgivable loan Frankville officials thought they would be given.
With the funding in place for the project, Frankville will form a three-member Water Board to help supervise the project. The aim of the project is to hold costs down so that residents pay less than $50/month in water bills.