(Atlantic) Thanks to the State Revolving Loan Fund, Atlantic is saving over $900,000 on the Waste Water Treatment Plant loan.
In 2011, the City of Atlantic issued an $11.8 million 26-year loan for the construction of the Waste Water Treatment Plant at three-percent interest, with the final payment due on June 1, 2037. To date, the city paid off $2.6 million in interest and $3.1 million in principle.
Recently, Atlantic City Administrator John Lund received word The State is reducing the interest rate from 3.00% down to 1.75% for the remaining payments on the loan, saving the city $922,300.00 over the next 16-years.
“This is the reason I am obsessed with financials; they heavily influence our credit rating,” said Lund. “Standard and Poor’s issues credit ratings, and their criteria for scoring is largely transparent.”
