ATALANTA, Ga., March 21, 2016 -- The city of Gray, Ga., was awarded a $810,135 Drinking Water State Revolving Fund loan by the Georgia Environmental Finance Authority executive committee. The loan will finance replacing approximately 1,825 water meters throughout the city with an automatic meter reading system. This project will help reduce water meter inaccuracies estimated between 10 and 25 percent and reduce the labor and expense associated with monthly meter readings.
Gray will pay a 1.03 percent interest rate on the 20-year loan. The loan qualifies for a reduced interest rate because it’s an eligible water conservation project, and includes principal forgiveness up to $324,054 if all funds are drawn.
"GEFA’s water and sewer programs assist local governments with improving their environmental infrastructure. As part of the Drinking Water program, cities and counties can also receive affordable financing for water conservation projects," said GEFA Executive Director Kevin Clark.
The DWSRF, a federal loan program administered by GEFA, provides communities throughout Georgia 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 the state of 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 from this program are available up to $25 million.
