Printer Friendly

EPA GRANTS $214.5 MILLION TO NEW YORK FOR STATE REVOLVING FUND FOR WATER POLLUTION CONTROL PROJECTS

 EPA GRANTS $214.5 MILLION TO NEW YORK FOR STATE REVOLVING FUND
 FOR WATER POLLUTION CONTROL PROJECTS
 NEW YORK, April 2 /PRNewswire/ -- The U.S. Environmental Protection Agency (EPA) has awarded $214,461,720 to the New York Department of Environmental Conservation (NYSDEC) to capitalize the State Revolving Fund (SRF). The SRF was created to provide low interest loans to finance the construction of wastewater treatment facilities.
 EPA Administrator William K. Reilly noted: "The State Revolving Fund is critical to meeting the nation's water quality goals. Since the program was established in 1990, EPA has provided over $652 million to New York State. Through state matching funds and revenues bonds, New York State will be able by the year 2000 to leverage this into over $4 billion in wastewater treatment plants construction and improvements if authorized appropriations continue as expected."
 "We foresee that the loan program will enhance the opportunities for construction of wastewater facilities in New York," said Constantine Sidamon-Eristoff, EPA regional administrator. "Money from repayment of loans and interest earnings is redeposited to the SRF to provide additional loans for facilities to improve water quality, manage non-point source pollution and conserve estuaries."
 NYSDEC Commissioner Thomas C. Jorling, who is also chairman of the Environmental Facilities Corporation which administers the SRF, said: "Since we made our first loan under the State Revolving Fund in May 1990, the EFC has made $1.1 billion in loans to 49 communities across New York State. With this new award, we will be able to continue the largest low interest loan program in the U.S. for municipal water pollution control projects. It is especially gratifying to assist in cleaning up our state's waters at a time when funding sources are declining for so many projects."
 The fund is authorized under the Federal Water Quality Act of 1987 which provided for a phase-out of EPA's construction grants program in favor of the revolving loan fund. This is the third capitalization grant awarded to New York and brings the total amount awarded to over $652 million since March 1990.
 A feature of the New York program is that the capitalization grant and 20 percent state match are placed in a debt service reserve and used as security for the issuance of leveraged revenue bonds by the Environmental Facilities Corporation (EFC). The current grant should generate funds in excess of $750 million.
 This money is available to any community in New York State that has identified a project need. Some of the larger communities expected to benefit from the State Revolving Fund this year include Monroe, Nassau, Niagara, Onondaga and Rockland Counties, all the five counties of New York City, as well as other communities throughout the state of New York.
 -0- 4/2/92
 /CONTACT: Rich Cahill of United States Environmental Protection Agency, 212-264-2515/ CO: U.S. Environmental Protection Agency ST: New York IN: SU:


TQ-SM -- NY064 -- 4555 04/02/92 16:31 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 2, 1992
Words:490
Previous Article:SAMOVAR NAMED TO BOARD OF DIRECTORS AT HOUSE OF FABRICS
Next Article:ROCKWELL EXECUTIVE CALLS FOR 'A NEW IMPERATIVE FOR CIVIL SPACE'


Related Articles
EPA REGION 2 REPORTS RECORD YEAR FOR FUNDING WASTEWATER CONSTRUCTION GRANTS AND REVOLVING LOAN PROGRAM
MARYLAND WATER QUALITY FINANCE ADMINISTRATION $31 MILLION REVENUES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
Cuts for EPA appear certain.
Local Wastewater Infrastructure Targeted for Cuts.
EPA Awards $11.6 Million in Clean Water Funds to Hawaii.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters