Conservation project qualifies for interest rate reduction
FORT GAINES, Ga. It was announced this week that Social l Circle was awarded a $925,000 Drinking Water State Revolving Fund (DWSRF) loan by the Georgia Environmental Finance Authority (GEFA) board of directors.
The city’s water main is undersized, aging, and leaking and this project is expected to improve system pressures, increase reliability, and reduce water loss. The loan will finance the installation of water main.
“Congratulations to the City of Social Circle on your commitment to having a well-maintained water system,” Georgia Rep. Bruce Williamson said when sharing the information on the award. “Not only will these system upgrades provide clean drinking water, but the improvements will also help protect the city’s fire protection ratings, which directly impact homeowner insurance costs.”
The city will pay 0.94% interest on the 20-year loan as the loan is to finance a conservation project, which qualifies for a reduced interest rate. According to the press release, DWSRF provides low-interest loans for infrastructure projects that deliver safe, affordable drinking water. These projects conserve and improve water resources and facilitate economic development. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia.
GEFA offers a reduced interest rate for energy efficiency and renewable energy projects at water and wastewater treatment plants, landfills, and municipal solid waste facilities; water conservation projects in the areas of water loss and end-use water efficiency; and nonpoint source pollution control projects.
About the Georgia Environmental Finance Authority (gefa.georgia.gov):
The Georgia Environmental Finance Authority (GEFA), headquartered in Atlanta, provides financing for a variety of energy, land, and water projects. Since 1985, GEFA has approved financial commitments totaling more than $4.5 billion to local governments, businesses, and nonprofit organizations. For more information, visit gefa.georgia.gov, Twitter, Facebook, LinkedIn, YouTube, or Flickr.