The Board of Directors of the New York State Environmental Facilities Corp. approved $7.96 million in short-term financing for the city of Oswego, including $4 million in no-interest loans, to improve sewer and stormwater collection in the city.
The EFC financing, bearing an average interest rate of 0.2 percent, will result in long-term savings of $3.8 million for Oswego. The EFC loans will be used for two important wastewater projects: the repair of 50,000-feet of sewer pipes on the city’s west side and the installation of a chlorine disinfection system for occasional sewer and stormwater overflows into the Oswego River and the harbor.
“With financing from EFC, these projects will cost city taxpayers far less than it would have cost if the city had borrowed on its own,” said EFC President and CEO Matthew Driscoll. “The Environmental Facilities Corporation is the arm of New York State government that helps communities pay for major improvements to their wastewater systems — vital investments in protecting the environment, public health and providing greater opportunity for commercial and economic growth.”
“Maintaining and improving municipal water systems can significantly help to prevent sewer overflows and contamination from entering our waterways,” said DEC Commissioner Joe Martens, who is also president of the EFC Board of Directors. “An upgrade to the city of Oswego’s sewer system will greatly benefit the area and help protect the state’s natural resources. I commend EFC for making this investment in the protection of our state’s water quality.”
The EFC Board today approved two short-term loans to Oswego which can be converted into low-cost, 30-year loans next year when the projects are completed. These project are part of a long-term plan to improve and expand the city’s sewer system to prevent overflows caused by stormwater from heavy rainfalls.
EFC is a public benefit corporation dedicated to promoting environmental quality through a wide range of funding and technical assistance focused on protecting, improving and restoring New York’s precious natural resources. EFC’s largest programs are its highly-successful Clean Water and Drinking Water State Revolving Funds, which together have provided more than $15 billion in low-cost financing and grants for projects that help the quality of the State’s water bodies and provide safe drinking water.
EFC also administer New York State’s Green Innovation Grant Program (GIGP) which supports innovative green projects ranging from rain-absorbing garden roofs to the unearthing of the Saw Mill River in downtown Yonkers. More than 100 projects in New York have been selected for nearly $80 million in green funding since 2010, leveraging approximately $160 million in total project investments. The program was presented a 2012 Environmental Quality Award from the U.S. Environmental Protection Agency.