Calhoun/Rockmart Get Water Project Funding
Tony Potts
08-26-2009
Calhoun and Rockmart are two of 22 communites in the state that
will get environmental infrastructure project funding.
The American Recovery and Reinvestment Act put $41 million toward
the projects. The city of Calhoun was approved for a green
project through the Drinking Water State Revolving Fund. The loan
of $600,000 and a DWSRF subsidy of $900,000 were approved for
the upgrade of approximately 5,500 water meters to transmit
information to a new automated meter reading system. The city of Rockmart was approved for a Georgia Fund loan of
$460,000 for improvements to the city’s water and sewer systems
Calhoun`s total project cost is $1,500,000 with GEFA providing the entire amount. Consistent with
GEFA’s ARRA financing terms for green projects, 60 percent (up
to a maximum of $900,000) of the principal will be forgiven,
subject to the loan contract provisions. The city of Calhoun
will pay three percent interest on the loan portion, up to a
maximum of $600,000, for ten years.
Rockmart will pay a 3.81 percent interest rate on the 20-year
loan. The total project cost is $760,000, with a $300,000 grant
from the Appalachian Regional Commission providing the remainder.
Georgia Environmental Facilites Auythority
Executive Director Phil Foil said, `Financing water and sewer projects
encourages economic growth and the stewardship of our
environment.`
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