The Pella City Council approved the deposit of finances for the city’s long term water supply plan at their meeting this week.
City of Pella Finance Director Corey Goodenow says the $15.8 million State Revolving Fund loan deposit was approved on Tuesday. He says for the city to receive the funds from the Iowa Finance Authority, they will have to generate 110% of the debt owed after expenses, which he says will likely cause a water rate increase spread out over the next four years. The substantial completion date for the first phase of the project–a new Jordan Aquifer Well–was also pushed back by the council six weeks from the end of September this year to mid-November due to the time it took to get permits from the Iowa DNR.