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The United States Department of Agriculture (USDA) finances SVMWC’s system infrastructure improvements.
In October 2011, the USDA awarded SVMWC a loan collateralized by SVMWC’s real property in the amount of $3,931,716 to finance the 2010–2013 construction projects. SVMWC is repaying the loan over 40 years from 2011 to 2051 in semiannual installments for principal and interest of $96,456. The loan bears an interest rate of 3.75%. Loan balance on June 30, 2022 was $3,092,460.
During 2020, SVMWC signed a promissory note with CoBank to finance the 2020–2024 construction project that is classified as a USDA Rural Development Project. The note’s terms are:
SVMWC signed an agreement with the USDA stipulating that at the end of the USDA Rural Development Project financed by CoBank (see above), the USDA will pay the balance of the CoBank promissory note and obligate SVMWC to a 40-year term loan at an interest rate of the then prevailing interest rate or 3.5%, whichever is lower.