The City Utility Low-Interest Loan Program was established earlier this month, allowing for up to $100 million of idle funds to be loaned to any city in Kansas that had extraordinary electric and/or natural gas costs during the extreme winter weather back in February.
Cities are now applying.
State Treasurer Lynn Rogers says 53 applications, totaling just over 69-and-a-half million dollars, have been submitted and approved for the City Utility Low-Interest Loan Program.
All 53 applicants have received approval letters from the State Treasurer’s Office.
Loan proceeds may not be used to pay bills that the city would otherwise pay as a consumer.
Cities have five business days to sign and return the approval notification.
If the notice is not received by the state treasurer within that time, the loan will be released and made available to other applicants.
The Treasurer’s Office is still accepting applications.
Cities have up to 10 years to pay the loans back.