Pat Quinn, Governor
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Pat Quinn, Governor |
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News Releases - 2002$3.8 Million Loan Approved For New Water Plant For Georgetown
Springfield, Ill. -- A $3,878,760 low-interest loan has been approved for the Vermilion County community of Georgetown for construction of a new drinking water system, including new wells, a water treatment plant and transmission mains. Under the letter of commitment that has been signed by IEPA Director Renee Cipriano, the loan will have an annual fixed interest rate of 2.57 percent and will be repaid in semi-annual installments over 20 years. The plant is scheduled to be operational by mid-April of next year, and repayment of the loan will start at that time. The community has been getting drinking water from an impoundment along the Little Vermilion River, and for many years has had problems periodically with seasonal high levels of nitrate. The new system will use wells for source water. Groundwater is not usually subject to nitrate problems. "I am sure the residents of Georgetown will welcome the news they can look forward to a safe and adequate supply of good drinking water," Director Cipriano said. The funding comes from the IEPA's low interest loan program, that uses federal and state funds to lend money at half the interest rate of commercial bond markets, for wastewater and drinking water treatment facilities. Money repaid on the loans goes back into the revolving loan fund to support loans to new applicants. Governor Ryan's Illinois FIRST program has provided the maximum state match to obtain all the available federal funding for the loan program. |
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