GOSHEN, Ind. -- The Indiana Finance Authority announced five cities received a total of $119 million in in low-interest financing for the month of June to help fund drinking and/or waste-water infrastructure projects.

The IFA says this was possible by leveraging the State Revolving Fund program, and that these cities will save an estimated total of $50.2 million in principal and interest costs, compared to open-market financing.

Officials say the SRF program projects must meet the same level of scrutiny as projects directly funded by the federal government.

The IFA says the City of Goshen was provided with nearly $8.1 million to fund improvements to the city’s drinking-water systems. Goshen is estimated to save around $6.1 million through the program.

Officials say the Goshen project includes replacing aging water mains and removing galvanized service lines that require replacement due to lead connectors. Officials add it will also address water loss concerns and reduce potential lead exposure.

The City of Rochester received nearly $17.4 million and is estimated to save $7.4 million.

Rochester's project will construct a new elevated storage tank, replace lead service lines, and complete looping projects within the distribution system. Officials say the project will reduce the risk of lead in drinking water, provide adequate water storage, and increase pressure and flow in the distribution system.

Other cities who received funds include Brazil, Crown Point, and Union City.

The IFA administers the SRF loan program through joint funding from the U.S. Environmental Protection Agency and the State of Indiana.