The Village of Sheffield loan qualifies for the Small Community interest rate of 1.5%. This program is administered by the Illinois Environmental Protection Agency and receives a portion of its money to fund these types of projects from the U.S. Environmental Protection Agency. In addition to the low interest there is also 60% loan forgiveness.
This project includes replacing 35+ year old meters. The new meters will accurately bill customers for usage and will utilize a remote reading system. This system will use less manpower and improve the Village cash flow, due to less water loss. Accurate water meters should promote improved water conservation by users as well as the lessening of water loss. In addition, the water tower needs interior and exterior coating improvements. This recoating will help preserve the life of the Village of Sheffield’s existing tower.
State Revolving Fund programs operate in each state to provide communities the resources necessary to build, maintain and improve the infrastructure that protects one of our most valuable resources: water.