State enables Camden residents to affordably make needed wastewater improvements
INDIANAPOLIS, December 2, 2008-The Town of Camden, Indiana closed a low-interest loan yesterday through the Indiana Finance Authority (IFA)'s Wastewater State Revolving Fund (SRF) Loan Program to finance needed improvements to its wastewater treatment plant. By utilizing an SRF loan instead of a traditional loan, the Town of Camden will save an estimated $44,277 over the life of the loan.
"The SRF loans allow small communities to stay afloat," said Rep. Rich McClain. "I don't think people understand how much it takes for a small community to raise the money to support projects as they struggle to maintain services for their communities."
Pete Wagoner, Town Council President, said, "Securing the funds needed from the SRF Loan Program will allow the Town to complete these vitally important enhancements to our system and be able to meet all requirements."
The project includes rehabilitation of 25 manholes and construction of a new headworks structure, where wastewater receives its first stage of treatment. The loan will also pay for the installation of a new 100 gallon-per-minute lift station and a lagoon system that will reduce the amount of ammonia being released into the receiving stream. The final component of the project will be the installation of a new ultra-violet disinfection system.
Sen. Brandt Hershman added, "With the pending construction of the Hoosier Heartland Corridor, Camden has a great opportunity to grow. This investment in water infrastructure will help not only to serve current Camden residents, but also to prepare for future economic development opportunities."
"One of Governor Daniels' top priorities is improving the health of Hoosiers, and helping Camden meet their infrastructure needs does just that," said Jennifer Alvey, Public Finance Director of the State of Indiana. "We are pleased that the SRF Loan Programs offers a creative way to help the citizens of Camden finance necessary wastewater improvements with the lowest possible interest rate."
Governor Mitch Daniels created the IFA in 2005 to more effectively manage State-related financial programs such as the Wastewater and Drinking Water SRF Loan Programs under one entity. Since the inception of the IFA, the SRF Loan Programs have loaned more than $705 million to local communities at below-market interest rates, saving utility customers more than $123 million in interest.
Communities can get more information about obtaining an SRF loan by contacting Bill Harkins at (317) 234-4862, wharkins@ifa.in.gov, or by visiting http://www.srf.in.gov/.
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About the State Revolving Fund (SRF) Loan Programs:
The IFA's State Revolving Fund (SRF) Loan Programs provide low-interest loans to Indiana communities for projects that improve wastewater and drinking water infrastructure. The Programs' mission is to provide low-cost financial assistance in order to construct necessary and environmentally sound drinking water and wastewater infrastructure; to facilitate statewide compliance with state and federal drinking water and wastewater quality standards; to maintain a fiscally self-sufficient program as a continuing source of funding for improvement and protection of public health and water quality; and to conduct any other activity permitted by the Safe Drinking Water Act or the Clean Water Act.
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