TOPEKA — The Kansas delegation to the U.S. House came together to support passage of legislation saving the state an estimated $41 million by recalibrating interest on water storage contracts at Milford and Perry lakes.
The action mirrored steps taken in 2022 to amend the interest calculations for El Dorado Lake. The switch from compound interest to simple interest would reduce interest obligations and costs for municipalities, industries and water supply districts relying on the federal reservoirs.
Gov. Laura Kelly and the Kansas Water Office requested U.S. Rep. Sharice Davids, D-Kansas, include the reform changes relative to Perry and Milford lakes in the 2024 Water Resources Development Act.
“This is a big win for Kansas taxpayers and our future water security,” Davids said. “It will not only save our state $41 million, money that can be reinvested into our communities, but also helps ensure farmers and ranchers have the resources needed to be successful.”
U.S. Reps. Tracey Mann, Ron Estes and Jake LaTurner, all Kansas Republicans, also voted for the bill that cleared the House on a vote of 399-18. The bill must receive approval of the U.S. Senate before sent to President Joe Biden.
Estes, who represents the 4th District in and around Wichita, said altering the interest calculation for water storage at Perry and Milford reservoirs was a reasonable financial step.
“This is a fiscally responsible move that will benefit the communities that rely on the water in these reservoirs and ensure sufficient resources are available to meet the state’s water needs,” he said.
