The city of Riceboro has been awarded a $155,000 Drinking Water State Revolving Fund loan by the Georgia Environmental Finance Authority board of directors.
The loan will finance the replacement of 407 residential water meters and 38 commercial water meters with automated meter-reading water meters, including software and meter-reading equipment. The project will ensure more accurate meter reading data, reducing revenue loss and water loss in the system.
Riceboro will pay 0.5 percent interest on the 10-year loan. The loan qualifies for a reduced interest rate because it’s an eligible water conservation project.
“GEFA’s water and sewer programs assist local governments with improving their environmental infrastructure,” said Kevin Clark, the executive director of the state Environmental Finance Authority. “As part of the drinking-water program, cities and counties can also receive affordable financing for water-conservation projects.
“I’d like to express appreciation to Gov. (Nathan) Deal, U.S. Sens. Johnny Isakson and David Perdue, U.S. Rep. Buddy Carter, (state) Sen. Ben Watson, and state Rep. Al Williams for their support,” Clark added. “The state’s commitment to helping cities and counties finance infrastructure projects contributes greatly to improving Georgia’s water resources.”
The Drinking Water State Revolving Fund, a federal loan program administered by the state Environmental Finance Authority, provides communities with low-interest loans to fund water-infrastructure projects that deliver safe, affordable drinking water. The program is jointly funded by the U.S. Environmental Protection Agency and Georgia. Eligible projects include a wide variety of public-health or compliance-related water-supply projects. These projects conserve and improve water resources and facilitate economic growth and development. Low-interest loans of up to $25 million are available from this program.
The state authority provides low-interest loan financing to local governments and authorities for water- and land-conservation projects, and energy-efficiency and renewable-energy projects at water- and wastewater-treatment plants, landfills and municipal solid-waste facilities.