MONTPELIER, Vt. (WCAX) – Fifteen million dollars for infrastructure improvements is heading to Vermont communities hit hard by last summer’s floods.
The Vermont Bond Bank, which gives loans to schools and towns for infrastructure, created a fund for flood resiliency. They received a $15 million loan through the 10 percent in Vermont initiative, that allows the state to invest cash-on-hand into low-interest loans.
Some 18 towns in nine counties will get help to rebuild roads, bridges, wastewater plants, and other projects while they wait for reimbursements from FEMA.
“We’re thinking this might save up to $3.5 million in interest savings for communities that will go to communities to help save taxpayers money and also a more cost-effective rebuilding from the flood,” said the bond bank’s Michael Gaughan.