Rainbow MWD Approves $10M Financing Agreement for Capital Projects

The Rainbow Municipal Water District will be paying for $10 million of capital projects and equipment with a loan.

A 5-0 Rainbow board vote April 23 approved a resolution authorizing an installment purchase agreement with U.S. Bank to finance the infrastructure and equipment. The loan will begin as a line of credit with a variable interest rate before converting to a 4.7% fixed rate for the remainder of the ten-year period.