MOULTRIE —
The City of Moultrie has secured two multi-million-dollar loans to begin the next phase of renovation at the city’s wastewater treatment plant.
The Georgia Environmental Finance Authority announced Tuesday that Moultrie has been awarded a pair of Clean Water State Revolving Fund loans, one of $2.75 million and the other of $6.1 million.
The smaller loan will finance the replacement of aging water meters with remote-read water meters and the installation of energy-efficient wastewater pumps at the treatment plant, according to GEFA Executive Director Kevin Clark.
“GEFA’s water and sewer programs assist local governments with improving their environmental infrastructure,” said Clark. “As part of the Clean Water program, cities and counties can improve the environment through affordable financing for green projects.”
The larger loan will finance phase two improvements to the city’s wastewater treatment plant, Clark said. GEFA previously approved $3,384,500 for the first phase of the project in July 2009.
“The federal water and sewer programs administered by GEFA assist local governments with improving their environmental infrastructure,” said Clark. “Through the Clean Water program, affordable financing helps cities and counties improve water quality.”
GEFA helps communities prepare for economic growth and development by providing low-interest loans, according to a press release from the agency. On the smaller loan, Moultrie will pay 1.23 percent interest on a 20-year loan for $2,750,000. As a green project, up to $500,000 of the loan principal will be forgiven if all loan funds are drawn. The loan qualifies for a reduced interest rate because some portions of the project conserve water.
On the larger loan, Moultrie will pay 2.13 percent interest on a 20-year loan of $6,100,000, which includes principal forgiveness of up to $500,000 if all loan funds are drawn.
The loans will be repaid from a variety of sources, City Manager Mike Scott said, including the recently passed Special Purpose Local Option Sales Tax when it goes into effect next year.
The Clean Water State Revolving Fund is a federal loan program administered by GEFA for wastewater infrastructure and water pollution reduction projects. Eligible projects include a wide variety of storm water and wastewater collection and treatment projects.
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Loans to fund wastewater improvements
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