Georgia Environmental Finance Authority (GEFA) Executive Director Kevin Clark recently announced the approval of a Georgia Fund Environmental Emergency loan of $21,539 to the City of Meigs.
The loan, approved by the GEFA executive committee, will finance repairs to a broken well that leaves the city vulnerable to a severe water outage.
“The Georgia Fund is a tangible commitment by Gov. Deal and the General Assembly to assist local governments across the state with their efforts to provide clean water, sewer system and solid waste improvements,” said Clark.
“In addition to the public’s health and safety, these projects are critical to a community’s economic growth and prosperity.”
Clark expressed appreciation to Gov. Nathan Deal, state Sen. John Bulloch and state Rep. Darlene Taylor for their support. He credited the state’s commitment to helping cities and counties finance infrastructure development as one of the main contributors to GEFA’s success.
The Georgia Fund, a state-funded program administered by GEFA, provides communities with low-interest loans for water, wastewater, water conservation and solid waste infrastructure projects.
Eligible projects include water and sewer lines, treatment plants, pumping stations, wells, water storage tanks and water meters. These projects conserve and improve water resources, and facilitate economic growth and development. Low-interest loans from this program are available up to $10 million.
Meigs will pay 1.13 percent interest on the 10-year loan of $21,539. The city received an interest rate reduction because Georgia Fund policies contain an Environmental Emergency Loan provision to assist communities in financing improvements that are necessary to eliminate actual or potential public hazards or environmental regulation violations.
The total project cost is $43,078 with the Georgia Department of Community Affairs (DCA) providing an Immediate Threat and Danger Grant of $21,539.
Cities and counties interested in more information regarding the Georgia Fund should visit www.gefa.org or call 404-584-1000.