Frankville water project is proceeding--with one wrinkle

Construction work continues on the water project (Submitted photo)

The Frankville water project is proceeding along.

Winneshiek County supervisors on Monday held a public hearing on plans to finance the project by borrowing up to $910,000.  The Iowa DNR's State Revolving Loan Fund will issue a loan at a projected 3.25 percent interest rate.

But that interest rate for the state loan could be lower--as much as one percent lower.  A lower interest rate would be significant, since the $910,000 will be financed over 30 years.

Frankville can qualify for the lower interest rate if a study of the median income of Frankville residents shows the community qualifies for more financial help.  But county supervisors say the paperwork from the study that was conducted can't be found right now.

Said engineering consultant George Tekippe, "It's worth the effort to track down."  For instance, a one percent lower interest rate would save over $175,000 in payments over the course of 30 years.

Officials will try to track down the paperwork, contacting the various governmental agencies that might have drafted the report.