Governor Laura Kelly has announced that United States Congress’ passage of the reauthorization of the Water Resources Development Act will save Kansans more than $41 million due to a provision that adjusts how interest is calculated for water storage contracts at Milford and Perry Lakes. Kelly says the changes will save the taxpayers money and enable the state to take steps toward securing water quality and quantity for years to come.
The measure changes how interest is calculated on the two federal water storage contracts by switching from compound interest to simple interest. Simple interest is calculated annually on the starting balance and prevents the rapid debt growth caused by compounding interest. The bill was championed by Representative Charice Davids and Senator Jerry Moran.
