|
|
FOR IMMEDIATE RELEASE |
|
State
Rep. Phyllis Mundy |
|
Mundy: Aqua Pennsylvania, Inc. to receive over
$1 million PENNVEST loan for local water project
HARRISBURG, Jan. 28 – State Rep. Phyllis Mundy, D-Luzerne, today announced Aqua Pennsylvania, Inc. will receive over $1 million in a low-interest loan from the Pennsylvania Infrastructure Investment Authority for local water main improvements.
Mundy said the loan will be used to construct 4,700 feet of 8-inch water mains to replace the current undersized and deteriorated system in the Meadowcrest development in Kingston Township.
"The current system causes dirty water, frequent service interruptions and inadequate pressure," Mundy said. "This loan will help resolve these issues for the health and safety of residents. It should also help to keep water rates in the Aqua Pennsylvania system lower than if the company had to go to the capital markets.”
Mundy said the loan term is 20 years. Interest for the first five years is 1.2 percent, increasing to only 2.5 percent thereafter. The loan covers all of the project's estimated costs.
PENNVEST provides financial assistance to owners and operators of substandard and deteriorated sewer and water systems throughout the state. It carries the borrowing authority of over $1 billion in state and federal funds, along with proceeds from general obligation bonds and interest payments on its loans.
###ejw/2008/bfg
l:\print\releases\pennvest.120