Interest Rate Decrease

The City of Sheridan will soon be requesting lower interest rates on some of the City’s current loans. Sheridan Media’s Ron Richter has the details.

City Utilities Director Dan Roberts, during an update at Monday night’s Sheridan City Council study session, said the City can request lower interest rates on some of the City’s current loans administered through the state.

Roberts said the financial impact of the lower interest rates would be over a million dollars.

Roberts said there are a total of six Clean Water State Revolving Fund loans and 13 Drinking Water State Revolving Fund loans that are eligible for the interest rate reduction from 2.5 percent to 1.5 percent. The City Council and Mayor Rich Bridger at the March 4 Council meeting will be considering staff’s recommendation to authorize the submission of a letter to the State Revolving Fund Loan program requesting lower interest rates.