LaFayette has been awarded a $3 million Georgia Fund loan by the Georgia Environmental Finance Authority (GEFA) board of directors.
The loan will finance the relocation and replacement of water mains and sanitary sewer lines. The Georgia Department of Transportation (GDOT) is rehabilitating and paving a segment of U.S. Highway 27 Business. When complete, this project will allow GDOT to begin its project. The city will pay 2.09% interest on the 20-year loan. The loan will finance a conservation project, which qualifies for a reduced interest rate.
The Georgia Fund, a state-funded loan program, provides communities with low-interest loans for water, wastewater, water conservation, and solid waste infrastructure projects. Eligible projects include water and sewer lines, treatment plants, pumping stations, wells, water storage tanks, and water meters. These projects conserve and improve water resources and facilitate economic growth and development.
GEFA provides loan financing at a reduced interest rate for energy efficiency and renewable energy projects at water and wastewater treatment plants, landfills, and municipal solid waste facilities; water conservation projects in the areas of water loss and end-use water efficiency; and nonpoint source land conservation projects.