ATLANTA –Thomaston, Ga., was awarded a $2,700,000 Drinking Water State Revolving Fund (DWSRF) loan by the Georgia Environmental Finance Authority (GEFA) board of directors recently.
The loan will finance replacing approximately 4 miles of failing water mains within the Hightower subdivision and Thomaston’s central commercial district. Thomaston will also install new hydrants, valves, service lines, and meters that will connect to the existing water mains in the project area.
The city will pay 0.5 percent interest on the 20-year loan, which includes principal forgiveness of up to $500,000, if all loan funds are drawn. The loan qualifies for a reduced interest rate because it’s a water conservation project. The total project cost is $2,700,000 with GEFA providing the entire amount.
“I’d like to express appreciation to Gov. Deal, State Sen. Cecil Staton and State Rep. Johnnie Caldwell Jr. for their support. The state’s commitment to helping cities and counties finance infrastructure projects contributes greatly to improving Georgia’s water resources,” said GEFA Executive Director Kevin Clark.
In the last seven years, GEFA has financed more than $79 million in water-efficiency and conservation projects.